I do think it sucks that slackers once again get off, while hard working folks take it up the ass for being responsible.

However...

I would rather have the feds lock interest rates than have another S&L type bailout. I am pretty sure this is costing the taxpayer $0.00 while a bailout could cost us billions if not trillions.

The mortgage loan industry needs to be tightened up in the future. A ban on adjustable & low intro rates would be a great start. Not sure about interest only. I would keep them if you pay interest only for life, sort of like renting from the bank.