I wonder if the forgiven loan quantity would also equate to something on the order of a bid ? Lenders who agreed to erase a large share of the original loan amount could win a government guarantee on future mortgage payments based on the size of the lender's loss in total forgiven loans which might be considered a bid for the guarantee. With an arrangement like this, the lenders demonstrating the largest loan losses would get the biggest bailouts, like Countrywide. It's too late for the hundreds of lenders that crashed, like New Century, Chase Subprime Wholesale, Evergreen Investment, Carnation Banc, Casa Blanca, Mortgage/Shearson - Wholesale, Guaranty Bank, Citi Residential Lending, Montgomery Mortgage Capital Company, etc.

Congress never ceases to amaze me, especially this Congress.