Loan Servicing Debacle: Berliner Gets Blunt

``... principal reductions should be done through the bankruptcy process. Rather than imposing widespread and unfocused writedowns, principal reductions should be imposed on an individual basis by judges familiar with each borrower’s case. Such an approach is the only way to insure that principal reductions are done on a limited but efficient basis, and are granted to those borrowers able and willing to make payments on their reduced balances.'' -- Other good points in here as well.