Section 110 of Bailout Bill

Based on the section Rush just read on the radio, I can only say that the banks are getting what they deserve. They wanted to be rescued by the Fed, rather than work with individual borrowers. Well, now they've lost control of the mtg market to the gov't.

Of course, banks will be less likely to issue mtgs, considering the risk of a court-ordered reduction in interest AND principal. I guess Paulson will have to twist the arms of some bankers.