Posts Tagged ‘cram-downs’

Frank Threatens To Bring Back Cram-Down Legislation

Barney Frank is blustering about the slow pace of mortgage modifications again and threatening to bring back cram-down legislation if things don’t start going the way he thinks they should. From Bloomberg: “People in the servicing industry and in the broader financial industry must understand that if this last effort to produce significant modifications fails, [...]

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Senate Kills Mortgage Cram-Downs

The Senate defeated a proposal to allow bankruptcy judges to modify mortgage terms in bankruptcy court. The measure was only able to muster 45 votes in favor, far short of the 60 that would have been needed to override a filibuster. Moderate Democrats, twelve in all, joined with Republicans to block the measure. President Obama [...]

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Thoughts From Others On Mortgage Cram-Downs

I started compiling some of the articles that I’ve seen recently on cram-downs. I figured that since Congress seems intent on providing for the cram-down of residential mortgage debt in Chapter 13 it would be worthwhile to gather all of this in one place and then look back in a few months. On the off chance [...]

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Cram-Downs And Unintended Consequences

Housing Wire has a good, quick read on the unintended consequences of the proposed legislation to allow cram-downs of residential mortgage debt via the bankruptcy statutes. To be fair, here is one good result and one bad one. Good Analysts at Bank of America , while suggesting on Jan. 13 that such provisions would likely [...]

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The ABA Says Citi Is Off The Reservation On Cram-Downs

Last night I put up a post about Citi throwing in with the Congressional Democrats on mortgage cram-down legislation. I speculated that Citi was probably just doing its new masters’ bidding. Since then a couple of stories, both from Housing Wire have come out that adds a bit more meat to the bone. The first [...]

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