MrPerson
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Thu Feb-19-09 09:54 PM
Original message |
Let them modify their mortgages in Bankruptcy... |
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And forget the rest.
The days of mortgage brokers phonying appraisals would end.
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Idealism
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Thu Feb-19-09 09:57 PM
Response to Original message |
1. Problem is, as the FDIC found out, that "cram downs" are not very efficient |
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You must get a judge to rule on each mortgage, which takes a fair amount of time and costs tax payer money. The FDIC did I believe 5000 mortgage modifications through bankruptcy courts and had something like a 40% success rate (or a 60% failure rate, depending on your view).
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MrPerson
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Thu Feb-19-09 09:59 PM
Response to Reply #1 |
2. I do it for a living. Its not that expensive. |
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Most will be entered by default.
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Idealism
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Thu Feb-19-09 10:04 PM
Response to Reply #2 |
3. Loan modifications are different than "cram downs" |
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Cram downs require a bankruptcy judge to rule on them. Loan modifications can be done by any mortgage brokerage/bank/banking affiliate
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MrPerson
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Thu Feb-19-09 10:16 PM
Response to Reply #3 |
4. I said modify in bankruptcy. Not loan modification. Read the OP |
Idealism
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Thu Feb-19-09 10:30 PM
Response to Reply #4 |
5. I guess I read the title too fast |
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All I saw was "mortgage" and "bankruptcy" and I immediately think cram-downs in bankruptcy court. sorry
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MrPerson
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Thu Feb-19-09 11:22 PM
Response to Reply #5 |
6. Idealism can be blind sometimes. No biggie. |
texastoast
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Thu Feb-19-09 11:26 PM
Response to Original message |
7. I heard it's about 9 million homes that are at risk |
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Not enough judges to get that to happen. I say make the banks pay to bring them all back in and renegotiate.
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MrPerson
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Fri Feb-20-09 12:24 AM
Response to Reply #7 |
8. You can see where I'd want the business huh? |
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Fri May 10th 2024, 12:48 AM
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