A Bankers Reaction to Obama's Proposal...

...to ban foreclosues on home loans, unless they have been screened and rejected by the government’s Home Affordable Modification Program:

If this comes to reality, Banks that are on the ropes now, with a battered loan book (credit quality), will get absolutely hosed.

What good is having collateral? For that matter, what good is signing a contract?

It's dumbass proposals like these that dim my hopes for the future.