redeyeant

Mortgage Cramdowns: A Disaster in the Making

To qualify mortgage reduction, the debtor should be reallocated to another cheaper foreclosure house. Suppose he owes 600K and house he own worth 400K, then the bank can move him to a 150K condo and he can ref. to a 350K loan that he can afford. Thus reduce foreclosure homes and doesn't cost tax payer's money.