SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : The coming US dollar crisis
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: LTK007 who wrote (16598)1/23/2009 5:42:48 PM
From: carranza2  Read Replies (2) of 71449
 
The legislation gives bankruptcy judges the ability to chop amounts off the principal on a mortgage to an affordable sum.

Citi backs it.

Obviously, the judges will do one of two things. First, they will adjust the debt to the value of the residence so that debtors are not underwater. Second, they might chop off enough of the principal so that the debtor can pay without too much trouble regardless of the value of the house.

There are generally two kinds of BK judges, those who favor debtors and those who favor creditors. The creditor judges will be sparing, the debtor judges are going to make the debtors happy until they screw up again.

It is one of the elements of a real estate fix.

For Citi to back this means that the 2008 fixes did nothing.

I suspect the bill will pass. Much better than a bunch of expensive and useless foreclosures. Citi obviously sees it this way too.

Don't see it as an enormous issue. Commonsensical, given the times.

We'll see.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News