Atlanta Georgia To Reduce or not Reduce Mortgage Principal?

Hamp to Push Principal Reduction: The papers, citing unnamed sources, said the White House plans to announce an expansion of its foreclosure-prevention efforts to include principal writedowns for some borrowers. TheJournal said the changes "serve as a recognition that the administration's foreclosure rescue plan hasn't kept pace with the rising number of souring loans." The Times said, "the escalation in aid comes as the administration is under rising pressure from Congress to resolve the foreclosure crisis, which is straining the economy and putting millions of Americans at risk of losing their homes. But the new initiatives could well spur protests among those who have kept up their payments and are not in trouble." The Post said, "The new push …. takes direct aim at the major cause of the current wave of foreclosures: the spike in unemployment." Wall Street Journal