To the extent that people overpay as a result of the Libor manipulation, they should be able to get their money back. Individuals who have mortgages, pension funds who had pensioner investments - whoever was ripped off is entitled to get their money back. ↗
Indeed, the FHA was born out of the Great Depression, which was also caused in significant part by a foreclosure crisis. Mortgages in the early 1930s were mostly three- to five-year 'bullet' loans, which did not amortize and were due in full at maturity. ↗
The Tea Party was born out of the disgust many Americans felt early in the financial crisis upon learning that the federal government was even contemplating reducing the principal on some troubled mortgages. ↗
And if you like 14.4 percent unemployment, if you like the fact that 70 percent of home mortgages in Nevada are underwater, then stay the course. Vote for Harry Reid. ↗