Here Come the Cram Downs!

Nice column to end the year on via WSJ: Mortgage Cram-Downs Loom as Foreclosures Mount. Excerpt: The banking industry hoped the mortgage cram-down measure died when Congress removed it from the $700 billion bailout bill that passed in October. But it has been gathering momentum in Democrat-controlled Washington, as evidence emerges that current voluntary foreclosure-prevention programs are falling short. In a cram-down, a judge modifies a loan, often reducing principal so a borrower ca

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