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Posted by: qantumreflection 11 months ago

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qantumreflection11 months ago

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Thing is, the banks are now stringently adhering to strict lending rules. The idea to cram down mortgages is to stabilize the economy by keeping more homes in the hands of homeowners who can continue to pay reasonable rates.

Unemployed folks will still lose their homes.

The big fear is that judges will retain the right to cram down high rate mortgages after the crisis is over.

The prickly irony here is that judges already have the right to cram down other loans, this includes all sorts of luxory based items. Which implies a wealthy person can benefit from a cram down but Joe Sixpack cannot.

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