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I am glad this didn’t pass – but the margin is pretty thin…

May 2, 2009
I believe in business people determining business details – not judges.

In real estate we find judges that are making a civil judgment on real estate matters and don’t realize the laws in place. My fear is that if we give too much power to bankruptcy judges the money supply will decline – raising rates and making it more difficult for borrowers.

‘Cramdown’ Crammed Down in Senate — For Now – BusinessWeek

‘Cramdown’ Crammed Down in Senate — For Now

Posted by: Theo Francis on April 30

In a vote of 45-51, the Senate rejected legislative language that would have given judges the right to modify mortgages in bankruptcy, including by reducing principal, lowering interest rates or extending a loan’s term.

Just don’t expect it to vanish entirely.

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