M-P

Mortgage Cramdowns: A Disaster in the Making

I can see a loan mod (vs. forgiveness) if it's a good investment (there is a business case) and the homeowner has some skin in the game - a plan, a stake, a path. I was not in favor of the auto companies getting money, but at least there were some convenants and responsibilities on their part before the money was loaned (cf. to some of the financial firms). This legislation needs to be monitored very closely and it needs to be tight and specific. There will be some legal challenges - no doubt - with the final verdict taking years to come to fruition.