Daily Archives: January 14, 2009

Guess Who Opposes Mortgage Cramdown Bankruptcy Reform?

Why, the ABA (American Bankers Association) though I think they are considering changing that to American Bailout Association.
No, allowing bankruptcy courts to cramdown mortgages to the value of the home would bring “uncertainty.”
Even though these same courts have had that authority on farms since the 1980s and every loan other than that securing a principal residence since, well, the living memory of this writer.

Foreclosure Sale Suspension

Foreclosure sales and evictions will be on hold until January 31, 2009, Fannie Mae announced in an extension of their policy of holding off on these actions. The reason given is that they are still working on their plan to allow renters to stay on foreclosed properties. Homeowners who occupy the home, and have missedContinue Reading