Is this the silver bullet to the Foreclosure Fiasco?Don't holder your breath is what I say. Eric Holder and the Justice Department and the U.S. Department of Housing and Urban Development, just announced a settlement between major banks that hold loans in 49 states. This statement might make you laugh or cry; "The settlement sets up a federal monitor to oversee the process and try to prevent roadblocks and red tape that tripped many homeowners seeking help in earlier mortgage relief programs." Since when did the creation of any federal "guru" or "Czar" appointed by any administration in Washington EVER reduce the red tape? The agreement calls for "principal reduction for as many as 1 million people." Oh so what about the other 400+ million people in the country? Should we all just rush on down to our local bank and demand a principle reduction? Sounds like a very slippery slope to me. Oh sorry you have a job. You don't qualify. There they go again... another case of Washington insiders picking the winners and losers. Well maybe if I slack off a little I can get fired from my job and then I can qualify for this great new government program. Then I will finally be able to pay my mortgage. I say this in hyperbole to exaggerate the consequences of this kind of lunacy. You thought there were headaches and confusion at the banks before. Just wait... for more promises..promises.. promises. We are going to hear a lot of them this election year.February 10 2012 - Grass Valley00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.