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User Info	Paulsen Works With Industry on Loan Plan; entered at 2007-12-01 10:10:26
Colossalc Posts: 1917 Registered: 2007-12-01	Under current law, wouldn't any reduction in interest (and therefore debt) be considered income? Consider I currently pay $1,000 per month and I'm scheduled to start paying $1,500 per month 6 months from now. However, my bank modifies the terms of my loan so that I continue to pay $1,000 per month for an additional 3 years. Isn't that $6,000 of income per year for a total of $18,000 of income that I must then declare on my taxes? I just really, really hope the administration meant what they said - that this will not be taxpayer funded in any way (including granting tax breaks to such found income). It makes me sick to my stomach to think how foolish I was to have bought a modest enough house that I could afford to put 65% down 2.5 years ago on a 5.5% 30 year fixed mortgage. All this while scumballs who bought an $800k house with an $810k mortgage get to keep it at the same mortgage payment I pay for another 2 to 5 years. Sick. 2007-12-01 10:10:26