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  • Cramming Down - On Whom? [View article]
    Disagree!! Cramdowns of residential mortgages amount to changing the rules and adjusting the score of the game at half time to benefit the team that is behind. What follows next when default recidivism rears its head (as it has already started to do) is that the rules will then be modified at the end of the 3rd quarter and then probably also at the end of the game. This will result in higher borrowing costs for everyone while the banks recoup their "halftime adjustments" and a lockdown on the ALT-A/subprime class, at least until Barney Frank and ACORN decide that everyone is "entitled" to home ownership.

    I have no problem with cramdown rules if instituted before the game starts.

    Jan 10 11:08 am |Rating: +2 0
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