Diana Olick: mortgage principal write down, not so fast say Big Banks

Big banks again testifying and yes, they do not believe mortgage principal write down is good for the consumer nor the mortgage market future. Grandpa concurs that principal write down will create its own monster as once the moral hazard monster is out of the bottle......

Ah, remember the days when one simply paid their mortgage, not because they were in love with the bank, it was about making sure the kids had a place to call home. Oh grandpa, you clearly grew up in a different time...