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The cram-down debate is back: Sen. Richard Durbin (D-IL) re-introduced hotly-contested legislation Monday that would allow judges to modify the terms of distressed mortgages on primary residences in bankruptcy cases — and this time, sources suggest the legislation faces good odds of passing. Durbin's bill was introduced in what is expected to be a brief lame-duck session of Congress, convened to address the auto industry bailout and economic stimulus measures, according to a Reuters report. But it likely won't be made into law until sometime in 2009, sources say. Democrats, including Durbin in particular, ...
Cram-down deal - Trends
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Key industry analysts have been raising a red flag in the past few weeks regarding the possible impact of a plan that would allow bankruptcy judges to modify the terms of mortgages during debt restructuring, suggesting that allowing so-called cramdowns to take place will likely lead to further significant write-downs in an already battered secondary mortgage market — leaving banks with even larger-than-expected holes on their balance sheets. Analysts at Bank of America ( BAC : 13.187 -0.02% ), while suggesting on Jan. 13 that such provisions would likely lead to a spike in bankruptcy ... Read More
REVIEWS AND OPINIONS
“This is the only buy-and-hold strategy that REALLY WORKS. If you’ve lost money in the stock market, and want a safe way to rebuild your portfolio, then these “payment-on-demand” certificates might be exactly what you need.” That’s the promise behind the latest offer from The Bond Trader … which will tell you, even if you don’t go on to read the whole thing, that they’re talking about, well, bonds. They persist in using the silly name “Payment on Demand Certificate” to make it sound like something confusing that you couldn’t possibly handle, but, as in the ... market research, surveys and trends
Given the unprecendented interference by the Obama administration in the pending bankruptcies of General Motors and Chrysler, the creditors of those companies may want to seriously consider a little-used collection strategy: filing an involuntary bankruptcy petition against the automakers. According to the New York Times, the Treasury Department is allegedly "preparing" Chrysler's bankruptcy petition , which could be filed as soon as next week. The details are a little murky, but the general idea seems to be that the government is trying to convince Chrysler's creditors to take 22 cents on the dollar plus a ... market research, surveys and trends
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It may seem awfully premature to start thinking about defining the decade in finance. But if you start counting from Jan. 1, 2000, it's more than half over. And in this age of the Feiler Faster thesis, it's never too early. And so Moneybox hereby declares the zeros (the oughts?) the Decade of the Cram Down. Earlier this month Brad DeLong concluded that "Bush's version of 'progressive indexing' would kill Social Security." In corporate finance, a "cram-down deal" is defined as a transaction "in which stockholders are forced to accept undesirable terms, such as junk bonds instead ... industry trends, business articles and survey research
Congress’s leading bill to address the foreclosure crisis has been stuck in the Senate for the past five weeks, but a deal may have finally been reached. It looks like the main provision of the The Helping Families Save Their Homes Act of 2009 , which would let bankruptcy judges rework mortgages for homeowners facing foreclosure, including a “cram-down” of the principle, would be significantly weakened. CongressDaily ($): The potential deal, according to sources, would add teeth to a House-passed bill that would allow a judge to consider whether the lender has offered the homeowner a new Obama administration ... industry trends, business articles and survey research
recently wrote that allowing bankruptcy judges to lower a homeowner’s mortgage payment, known as a “cramdown,” is “no panacea” for the tide of foreclosures sweeping the U.S. Well, true. But while she was perhaps speaking figuratively, holding public policy (and just about everything else) to that idealized standard is a recipe for paralysis. The better litmus test is, would cramdowns help stem foreclosures by increasing the number of loan modifications? A related question might be, anyone got a better idea? Answers: Yes, and — judging from the weakness of HAMP , the feds’ flagship ... market trends, news research and surveys resources
Karen Handel and Nathan Deal have a combined $110,238 to spend on their three-week Republican runoff for governor. In other words, bupkis. From Shannon McCaffery with the Associated Press: The scramble for cash is on in the three-week sprint to Georgia’s Aug. 10 runoff. Nathan Deal and Karen Handel are working the phones, lining up the dollars they’ll need to win the GOP nomination. Both skated into the primary nearly on empty and must quickly reload in time to get television ads up. A review of campaign disclosures by The Associated Press shows that Handel has just $66,648 in money designated for the primary runoff. ... market trends, news research and surveys resources
participate in a cram down may often also receive ancillary deal terms and preferred stock rights and preferences (such as super-priority liquidation ... technology research, surveys study and trend statistics
and a “cramdown”1 plan under Chapter 13 of the Bankruptcy Code, .... assume that the proper interest rate for a cramdown plan is the contract interest rate ... technology research, surveys study and trend statistics
ter 13 cram down valuations,5 ambiguity in the Court's definition of ..... 32 Cram down valuations generally arise in the context of Chapter 13 much more ...
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QUESTIONS AND ANSWERS
I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Association of Tax Professionals, and the Institute of Management Accountants. ...
My friend lost half his job (down to 20 hours a week from 40, and this is after a pay cut), and is about to lose his truck. I don't want his credit ruined. What are some options outside of getting it repossessed? He's upside down on the truck and is ready just to not pay the bill for a few months, and use whatever he can scrape together to buy a clunker when they finally get the truck. I feel like there's got to be a better solution than ruining his credit. I'm not sure how upside down he is, but let's assume not that badly. Are there resources/sites for having someone take over the payments on a vehicle ...