Congress is likely going to pass a bill to help distressed homeowners:
Under the refinancing plan, only borrowers seeking to remain in their primary home would be eligible. Lenders would first have to agree to cut the principal balance of loans to roughly 85 percent of each property’s current value.
Gee, maybe I’ll stop paying my student loans. That way I can get the U.S. government to get Sallie Mae to reduce my loan amount too!
