"In fact, I have some sympathy with the view that mortgage lenders "perform a valuable social service through their loans." That's why, when they stop doing that and become predators, equity strippers, and bubble-blowers instead of valuable social service providers, I like seeing BK judges slap them around."
Great stuff and this Cram Down issue is a part of the long-term solution that we should be writting to our Reps in Congress asking them to support. Cram Downs are on the table again in the US Senate.
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This article is a classic: http://www.calculatedriskblog.com/2007/10/just-say-yes-to-cram-downs.html
"In fact, I have some sympathy with the view that mortgage lenders "perform a valuable social service through their loans." That's why, when they stop doing that and become predators, equity strippers, and bubble-blowers instead of valuable social service providers, I like seeing BK judges slap them around."
Great stuff and this Cram Down issue is a part of the long-term solution that we should be writting to our Reps in Congress asking them to support. Cram Downs are on the table again in the US Senate.
#housing