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A win for them, further strangulation of the US economy for the rest. By failing to allow those at-risk mortgagees to negotiate a more realistic mortgage, this will send many more famillies to the wall, lengthen social security queues and ultimately undermine the liquidity of banks. Why should banks be able to outmuscle the average person when they made risky loans based on speculative land prices? Risk has been relegated to the dust bin with the Rubinomics team in power.

Fascinating to see how well prepared the banking industry are in their lobbying tactics.