As the neighbor across the street, I had these discussions with the fdic, the heads of the fdic. I said, this is not going to work. You are going to create more strategic defaulters. It got to the point where a bank that I own in California, Community Bank, I asked to my board of directors that were sitting around the table, I said, … (16:28–16:31)
CLAIM
Asserts that the policy of principal reduction would lead to more strategic mortgage defaults.
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