russ

The Senate Voted Wisely on 'Cram Down' Bill

The continuation of the current law (the defeat of the 'cramdown) means banks are treated as 'special' and get to avoid any participation-responsi... in the bankruptcy proceedings. It's nice to be 'special'. If a person is filing bankruptcy there is no shame or aversion to walk away from a house and let the bank eat the forcloosure. Banks are not always smart which is why many hawked poorly structured loans, did improper documenatation and quickly collected their fees. Be careful what you ask for.