Apparently the mortgage companies are changing their stance, they were anti-cramdown back in 2008 but BofA and Citi are in support of it now.
http://www.huffingto...-fr_n_536283.html
Re: Depends on how it's done.
Apparently the mortgage companies are changing their stance, they were anti-cramdown back in 2008 but BofA and Citi are in support of it now.
http://www.huffingto...-fr_n_536283.html |
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Interesting. Thanks.
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"As we've gone through the lessons that we've learned ..."
In other words: "When we pushed to get mortgages excluded from bankruptcy, people said that we'd end up foreclosing -- which we don't want -- and financially destroying our customers at the same time.
"But we were looking about multi-million dollar bonuses that depended on us not believing that. Somehow, we managed to not believe it. Funny, that. "Now that we've squeezed as much blood out of that stone as we can, we find it's in our current interest to now believe what those people said." And in a real quote, Rep. Brad Miller, responding to a Wells Fargo rep saying there are other alternatives: "We're trying to do other alternatives now, and have been for three years, and without much to show for it." Give that man a prize. --
Drew |