Actual elimination of debt. Write it down. Do away w/it. Move forward from a more rational level. http://www.bloomberg.com/apps/news?pid=20601087&sid=aOg9hp8gv3i8&pos=7 Wells Fargo & Co., the bank that gained a portfolio of option adjustable-rate mortgages when it bought Wachovia Corp. last year, cut the principal for delinquent borrowers in some loans by as much as 30 percent. All of these other modification programs - cutting the interest rate, extending the amortization, ... - are destined for failure because they refuse to eliminate principal. As long as borrowers remain underwater, they will go delinquent as soon as trouble hits. Congrats to WFC for at least taking a step to recognizing the true problem and moving to deal with it.