To qualify, borrowers would have to be at least three months behind on their home loans, and would need to have home loans worth at least 90 percent their house's value. The interest rate or principal amount of the loan would be reduced so that borrowers would not pay more than 38 percent of their income on housing expenses,
Awesome! So I can quit my job, get a part time one that pays a lot less, not pay my mortgage for three months, and my mortgage will magically get reduced! What a deal!
Why in the hell should anyone keep paying their mortgage in this type of environment?