I wrote in the original post, "It is the lenders that make out in that plan, not distressed home owners...". According to a NY Times article, <link>, included in a later post, the home owner would pay the lower, present value of the home. If that is true, it would be an improvement, but we would not be able to recoup the loss.

I still don't understand why Senator McCain didn't reach across the aisle and support similar proposals by Dems.

God Speed,

David