Catching up today after trial, no decision yet, finished trial that started in August today, so transcript being ordered.
The collapse of the value of Mortgage Backed Securities, or MBS, started the dominoes falling in our current crisis.
One of the challenges to getting loans modified is finding someone in authority on the mortgage side to even make a deal, because of the way the securities are structured.
Well, if Chapter 13 Bankruptcy reform passes, and cramdowns are allowed on first mortgages secured by residences, the MBS will have challenges of their own.
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