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30. Cramdowns
2 years ago
A debate is raging in Washington, D.C., about how to deal with America’s foreclosure problem. One proposal is to restructure the loans using a tool usually seen in bankruptcy courts: The “cramdown.” Senior Editor Paddy Hirsch explains. More coverage of the financial crisis is at marketplace.org/financialcrisis
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Steve Pick1 year ago -
Odd-Arne Pedersen2 years ago
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L S Venkataramanan2 years ago -
Jonny Li2 years ago -
Mill Chan2 years ago
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Puneet Jaiprakash2 years ago
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Anti_Fascist Freedom_Fighter 1 year agoHis result might be true and might not - if the bank has mortgage insurance - the bank won't want a cramdown, because the Mortgage Insurer will Make the lender whole by paying the difference between what the bank gets at auction and what the original loan was. Second mortgages get screwed, of course. I'd also like Paddy to explain if any Credit Default Swaps could cover this loss as well, and if a cramdown could trigger the payment of a CDS?
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M4V
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