http://loanworkout.org/2008/10/foreclosure-fighter-obama-says-%e2%80%9callow-bankruptcy-court-judges-to-modify-mortgage-payments%e2%80%9d/ Loan Modification & Home Loan News Fri, 19 Mar 2010 20:49:15 -0700 http://wordpress.org/?v=2.9.2 hourly 1 http://loanworkout.org/2008/10/foreclosure-fighter-obama-says-%e2%80%9callow-bankruptcy-court-judges-to-modify-mortgage-payments%e2%80%9d/#comment-11914 SoCalBroker Mon, 10 Nov 2008 19:22:48 +0000 http://loanworkout.org/?p=835#comment-11914 This all sounds good on the surface but... If judges are granted the ability to change the terms of mortgages, what will the long term effect be on mortgage securities? In other words, if a bank is trying to determine it's mortgage portfolio value for a rating system, or any other reason such as to generate cash, how can it accurately determine the value of the portfolio if the value of it's mortgage notes can be changed at any time by someone outside the bank? If it's not possible to determine portfolio value, then it makes it impossible to offer part or all of the portfolio for sale to generate more cash to turn around and lend again. The system halts and people are not able to get mortgages to purchase homes. Does any of this sound familiar? This all sounds good on the surface but…
If judges are granted the ability to change the terms of mortgages, what will the long term effect be on mortgage securities? In other words, if a bank is trying to determine it’s mortgage portfolio value for a rating system, or any other reason such as to generate cash, how can it accurately determine the value of the portfolio if the value of it’s mortgage notes can be changed at any time by someone outside the bank? If it’s not possible to determine portfolio value, then it makes it impossible to offer part or all of the portfolio for sale to generate more cash to turn around and lend again. The system halts and people are not able to get mortgages to purchase homes. Does any of this sound familiar?

]]> http://loanworkout.org/2008/10/foreclosure-fighter-obama-says-%e2%80%9callow-bankruptcy-court-judges-to-modify-mortgage-payments%e2%80%9d/#comment-11871 bvanderbyl Fri, 24 Oct 2008 04:54:54 +0000 http://loanworkout.org/?p=835#comment-11871 It sounds good but really doesn't help since the number of loans that need to be modified would swamp a court system that allready is overburdened. I don't think it would take a person with the qualifications of a judge to handle these cases. I think they need to come up with another system between the lender & the borrower like binding arbitration. It sounds good but really doesn’t help since the number of loans that need to be modified would swamp a court system that allready is overburdened. I don’t think it would take a person with the qualifications of a judge to handle these cases. I think they need to come up with another system between the lender & the borrower like binding arbitration.

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