A great article that deals the sham that is the Stress Tests and points out once again that the major impediment to solving the mortgage/foreclosure crisis is 2nd mortgages. They aren't being negotiated and the banks have no incentive to do so, this leaves it impossible to modify the principal on the first (which would turn into a massive bank giveaway). There is only one path to solving this particular crisis and it starts with the 2nd Trust Deeds.
Scott Dauenhauer CFP, MSFP, AIF
