This is Why These F%$#s Need to Go to Jail

Because the financial class is really a bunch of monsters:

Fannie Mae (FNMA) pulled the plug on a 2010 plan to forgive borrowers’ mortgage debt because company executives were “philosophically opposed” to the idea, a former company employee told House investigators.

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According to the letter, a former Fannie Mae employee told the committee that the mortgage finance company had developed a pilot program for reducing mortgage debt for borrowers who owe more on their house than the property is worth.

The purpose of the plan was to develop “a responsible way to reduce principal balances for underwater mortgage borrowers without creating undue incremental moral hazard,” the employee told the committee.

The pilot had preliminary approvals from officials at Fannie Mae, FHFA, and the Office of the Comptroller of the Currency, a bank regulator, according to the former employee.

In mid-2010, two weeks before its launch, senior Fannie Mae executives cancelled the program because they were “philosophically opposed to writing down principal balances,” according to the former worker, who was quoted in the letter without being identified.

“I believe that we could be saving tens of billions of dollars while also helping stabilize housing prices and stimulating economic growth,” the former employee said, according to the letter.

They f%$#ed the economy, but they are so convinced of their ultimate virtue that they are acting against the interests of the companies that they manage, and the taxpayers, because they have bought into a, "heads I win, tails you lose," vision of crony capitalism in which they are the arbiters of virtue.

These people are dangerous sociopaths.