One wonders when our government will recognize that a loan made to someone who claims to have $200,000 in income but really makes $50,000 simply cannot be refinanced into anything the borrower can afford nor is there any way to prevent that loan from defaulting. This is the ultimate fraud and outrage in "extend and pretend" and "mark to fantasy" - there is no possible way for these loans to be "made good" no matter what happens in the future - they were always going to blow up unless house prices continued to rise forever, thereby allowing the "borrower" to roll them over time and time again. Those who believe we can "make it all ok" are delusional beyond words.