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Cramdown Bill

Cramdown Dead, Banks Saved!

by Moe Bedard

By Moe Bedard
Under the cover of the cramdown bill another important piece of legislation was passed today, a bill that protects lenders and servicers from lawsuits if they modify or refinance their client’s loans. This bill, which passed with an overwhelming majority in the senate (91-5), is referred to as the safe harbor bill. Essentially, [...]

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Silence Equals Consent

by Moe Bedard

By Moe Bedard
While a few stalwart senators tried to battle for the passage of the cramdown bill last week we heard a number of important opinions, both pro and con, regarding the proposed power of bankruptcy judges to reduce principle balances on home loans. It appeared obvious to me and a great deal of other [...]

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Cramdown Safe Harbor Protection for Servicers Under Attack

by Moe Bedard

By Moe Bedard
It seems that Main Street isn’t the only important party angered by safe harbor clauses in the pending cramdown bill, mortgage investors are agitated as well. While Main Street looks at safe harbor clauses as an appeasement to banks to allow cramdowns under extreme circumstances, mortgage investors are also asking themselves…”Hey, wait a [...]

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An Unbalanced Equation

by Moe Bedard

By Moe Bedard
Major banks except Citi have formally cut off all negotiations with the Senate in an effort to limit even further the scope of the cramdown bill. Senators from both sides of the isle have given up hope on further developments as well. Bloomberg’s report on the cramdown bill today seems like the last [...]

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A Political Slight of Hand

by Moe Bedard

By Moe Bedard
While the cramdown bill dies, providing evidence of our representative’s willingness to sell us out, some may say that our representatives have already passed legislation to help Main Street like the foreclosure bill and the Hope for Homeowners plan. Whereas it may seem like these two programs are designed to help us, upon [...]

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Who’s Responsible for the Cramdown Bill’s Demise?

by Moe Bedard

By Moe Bedard
Every American that has an interest in our government’s responses to Main Street’s economic problems should pay serious attention to those that are killing the cramdown bill. To me, at least, I take the imminent death of this bill as proof positive that our representatives have sold us down the river. With increasing [...]

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Wall Street Stranglehold on the Senate

by Moe Bedard

By Moe Bedard
Goodbye cramdown bill, hello reality! It seems like the cramdown bill might get shot down soon. The most depressing aspect of this isn’t that the cramdown bill will potentially be shot down, or at best, passed with multiple restrictions protecting Wall Street, but that our representatives are all but laying down to the [...]

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Cramdown Bill: Stalled until Memorial Day and Term Limits?

by Moe Bedard

By Moe Bedard
The cramdown bill, if passed, seems like the only way that Americans across the board would be able to reduce their principle balances, that is, if they are willing to go through bankruptcy court. Again, the program has been delayed in the senate as major lenders, credit unions and the financial services industry [...]

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