Posts tagged as:

bankruptcy cram down

Treasury Says Cramdown Is Still Off the Table, Even Though Loan Modifications Aren’t Working

by Moe Bedard

As Mike pointed out today, the slow pace of loan modification progress has prompted some lawmakers to once again call for mortgage cramdown legislation that would allow bankruptcy judges to modify loans and keep borrowers in their homes.

But the Obama administration is signaling clearly that while it may be open to some new tactics, cramdown [...]

0 comments Read the full article →

Top Dems Renew Call for Cramdown: YAWN

by Moe Bedard

More mortgage bankruptcy puffery in Washington for your intertainment. Is this all just for show Main Street? Are these politicians really fighting for you to keep your home or are they out to just fool you long enough until the 2010 elections?
 “Waiting for banks to ‘volunteer’ to end this foreclosure crisis is a waste of time,” Durbin said in [...]

0 comments Read the full article →

Barney Frank threatens mortgage bankruptcy, yet again

by Moe Bedard

Barney Frank is threatening yet again to bring the bankruptcy cram down bill to life again. The same Senate opposition is speaking up against it. Rep. Spencer Bachus of Alabama, “Bankruptcy cram down would seriously prolong our housing recovery by decreasing mortgage credit,” he said in opening remarks at the hearing. 

I am sorry Mr. Frank, but [...]

1 comment Read the full article →

Cram Down or Sham Town?

by Moe Bedard

OK, this Washington bankruptcy cram down BS is getting soooooo old. I have heard the same BK lip service for the last two years and it looks like I better get my homeowner boots on because here it goes again folks.
Yet another attempt in Washington to revisit the bankruptcy cram down has begun. Yawn…. I think [...]

0 comments Read the full article →

A Solution to the Cramdown Impasse?

by Moe Bedard

The subject of cramdown legislation is widely attended to by consumers and corporate executives alike. Consumers are paying careful attention as the bill, if passed, could give desperate homeowners another exit strategy from serious hardships caused by the worsening economy.
Corporate executives argue that the legislation would result in higher interest rates for borrowers, however, most [...]

3 comments Read the full article →

Mortgage Bankruptcy Cramdown = Washington Showdown

by Moe Bedard

It looks like the controversial home mortgage bankruptcy bill will be delayed because of a severe snow storm that covered Washington D.C. today, forcing the U.S. House of Representatives to push back their bankruptcy votes to a later date.
The bankruptcy provision, known as a “mortgage cram-down,” would empower Federal Courts to write down the interest [...]

3 comments Read the full article →

Legislature May Pass Bill Modifying Bankruptcy Providing Judges Wide Reaching

by Moe Bedard

Following the trends of bankruptcy law over the last year the subject of “cramdowns” has made some lenders tremble and others, like me, anxious to see what our legislature will do to empower homeowners nationwide. If this new legislation makes it in to the senate and passes, I’m hoping President Obama will sign the new [...]

Read the full article →

Cram Down Nation: Do Lenders Fear Obama?

by Moe Bedard

Obama Bankruptcy quotes from July 2008:

Families, he said, who “are being preyed upon by predatory lenders. If you’re protecting America, America should be protecting you from unfair bankruptcy laws.”

He said he would create a “fast-track bankruptcy practice” for military families, which would ease restrictions against declaring bankruptcy, eliminate “unnecessary” paperwork and “let them keep a greater share of the value of their home.”

Read the full article →