I assume that this will result in a huge S&L style bailout eventually. The homeowners will be "saved" by a "public/private partnership solution" in which taxpayers foot the bill for yet more mortgage bros to refi everything. Five or six egregious offenders will be convicted of fraud because of "predatory lending," and everyone else will refi their rap sheet and continue.
Get out your checkbooks everyone. You're about to pay out for the last fifteen years of appletinis, Humvees, shiny shirts, big watches, square-toed Italian shoes, blowjobs, cocaine, Harleys, Las Vegas, more cocaine, Mexican resorts, Dave Matthews Band tickets, still more cocaine, and one more appletini for the road.