Only the idiotic Americans could come up with a plan that contradicts every law of economics in place since the beginning of time.
Borrowers in breach of their obligation are being rewarded, whilst the prudent are being punished.
"Homeowners" (they are not owners --- the bank owns the home) who were tempted by teaser rates are being supported to avert foreclosure whilst legitimate borrowers who have fixed rate mortgage will effectively subsidise the deadbeats.
As sure as I have a nose on my face, this madness will come home to roost.
Avoid tall buildings, and buy nappies.
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