Special Report on
Cram Down Strip Down
Cram Down Strip Down - Trends
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Bankruptcy judges could soon add a new arrow to their quiver: the power to reset repayment terms for millions of mortgage holders who wind up in bankruptcy court. This morning, the WSJ reported that Citigroup is leading other lenders in advanced talks with key senators on so-called “cramdown” (or “strip down”) legislation. It’s an about-face for the financial industry and the National Association of Home Builders. Banks have long said that cramdowns — when bankruptcy judges force lenders to modify mortgages — would raise borrowing costs for all home buyers. A recent NYT story reported ...
in 2006 have fallen dramatically since the mid-market. For example, the Tampa Bay MSA, according to the S & P Case-Schiller Home Price Index, house prices fell on average by 39% between May 2006 and February 2009. In this case, if your house was valued at $ 300,000 in May 2006, on average, would be worth $ 183,000, from February 2009. This unprecedented loss of value for many homeowners is the currentRash of foreclosures and bankruptcies in many parts of the country. Some believe that this rapid loss of value is responsible for the current economic crisis the country experienced the world. ... Read More