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That's not going to happen.
It would create massive voter backlash. Not to mention what would happen in the bond markets.
Principle forgiveness is a non starter with everyone who has a say in the matter.
So far the proposals put forward have been fair, regarding moral hazard. Anyone can refinance at the new lower rates, or stretch the payments out to 40 years, or even have a baloon at the end if that's what it takes to reduce payments to 31% of their income.....but nobody is being allowed to reduce the amount they owe.
There are alot of people talking about it, thinking that it's all the bank's fault and they should be the ones taking the losses, but it's never going to happen.
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