The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: ChanceIs who wrote (106080)	2/22/2008 12:52:54 PM
From: Peter V	Read Replies (2) of 306849

This Tuesday there will be a back door attempt to get language into the bill which would give BK judges the authority to write down mortgage debt to the current house value. Why am I the first to reply to this post? This seems awful! We are going to allow the BK laws to erase the money they owe to the mortgage holder without taking back the house? That's absolutely NUTZ! Rather than getting paid out of the sale of whatever assets the borrower has left to sell, the mortgage holder gets paid ZERO on the excess value of the home, and still has this lousy BK risk living in the house, who is likely to default after that and have his house foreclosed anyway! God help anybody holding those CDO's. Maybe I should go out and buy a huge-ass mansion in an area that looks ripe for a fall, then declare BK and reduce my debt to market value. Brilliant!

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