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The billion dollar Making Home Affordable plan is being pointed at by bond investors and officials within the Treasury Department as eternally flawed. A consensus seems to be forming that there must be forced handling of second mortgage debt and lowering of loan balances for non-equity borrowers.
In an article read recently on Bloomberg.com, investors agreed that without principal balance reductions versus simple payment reductions and wipe-outs of second mortgage debt there would be profound implications on financial markets.
There …