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Where did you go to university? https://www.campingdugarritendordogneperigord.com/cpl-mortgage-term-c1f6.pdf#predator cpl mortgagee clause
The controversy is over timing. Principal reduction may have made sense when housing prices were stuck in the mud, and underwater homeowners otherwise had no hope of getting out from under their debts. But forcing lenders to write down the principal they are owed now works at cross purposes with the administration's professed interest in reducing the government's enormous footprint in the mortgage markets. It's hard to entice private capital back into those markets when, at the same time, you are brandishing the ax of forcible principal reduction over the head of current investors.
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