Bankruptcy Judges want to disspell the myth about how these mortgages are really going to be valued.
The Senate must act quickly to reform bankruptcy law to allow judges to alter the terms of home loans.
Its a no brainer for anyone wanting to save their home from foreclosure.
It represents one of the most tangible and productive steps we can take to limit the fallout.
Homeowners are the only ones who cannot modify the terms of their secured debts in bankruptcy.
Voluntary consumer loan mods, typically involving rate reduction and decrease in principal were nonexistent.
[L]ittle thought is being given to future consequences, intended or not, of this machination.
A seriously misguided bill that will actually add more instability.
The passage of such legislation would be an unmitigated disaster for our economy.
There are many others things that can be done to help debtors retain their homes instead of bankruptcy.
No prudent banker will ever bet on the lower middle class ever again if this passes.
Fundamentally, strip-down is a poor "fit" for the problem of rising foreclosure rates.
Judicial modification of primary mortgages must be part of any crisis solution.
Americans didn't buy homes they couldn't afford...
The vast majority of voluntary loan modifications fail to reduce monthly payments, making them near worthless.
[A] court can provide an economically rational solution when the investors or servicers do not.
Durbin's plan is exactly the type of bold stand American homeowners need.
Traditional tools to deal with mortgage defaults are proving to be inadequate to handle the problem.
The bankers still don't have people in place with the knowledge, skills and incentives to deal with the crisis.
“[Congress] should insist that borrowers be given a chance to modify their mortgages under bankruptcy court protection . . .
[The bill] is a strong and thoughtful proposal that will save families from losing their homes.
I particularly appreciate the opportunity to reemphasize the importance of the homeownership culture in America.
Where is the common sense?
Billions of dollars may be lost as underwater homeowners rush to re-write mortgages
Amending the Bankruptcy Code to permit cram down of first mortgages would generate serious lending risks.
If servicers can't handle documenting a large amount of loan mods, why assume the bankruptcy courts can?
The road to over-regulation has begun.
...a change to the bankruptcy laws is not the answer.
Rather than using the bankruptcy courts, policymakers should consider focusing on the mortgage market.
One of the greatest potential destabilizing initiatives is 'cramdown' for home mortgages.
The current proposals to change the Bankruptcy Code are deeply problematic.
A windfall for some troubled homeowners -- but its costs will be borne by aspiring future homeowners.
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