Regulators and politicians seemed intent last week for HEL investors to share in the pain of subprime borrowers who are unable - or may soon be unable - to make their monthly mortgage payments.

Although GSEs Fannie Mae and Freddie Mac, among others, are devising plans to help a greater number of subprime borrowers refinance, the growing consensus throughout Congressional hearings held in Washington last week seemed to be that loan modification programs are a better fix than a so-called bailout plan to stem the growing tide of delinquencies.

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