the only sad part is...
this will drive up the basis points charged on all loans. And that will in turn reduce the amount of forward economic activity.
But then stupidity hurts us all in one form or another.
There are a lot of people who were given loans who shouldn't have been given them. And there were a lot of big commission checks paid out to the hacks who made those loans, the hacks who consolidated and resold them, etc...
Another downside is that the government wants to magically alter many existing contracts with the wave of legislation...But something tells me that contract law will survive...And who's kidding who: Contracts are routinely made obsolete by legistative fiat.