Comments on: The House rejects “cramdown” measure: more foreclosures on the way http://firsttuesdayjournal.com/the-house-rejects-%e2%80%9ccramdown%e2%80%9d-measure-more-foreclosures-on-the-way/ Tue, 22 May 2012 11:15:50 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Steve P. http://firsttuesdayjournal.com/the-house-rejects-%e2%80%9ccramdown%e2%80%9d-measure-more-foreclosures-on-the-way/comment-page-1/#comment-52425 Steve P. Thu, 17 Dec 2009 13:52:17 +0000 http://blog.firsttuesdayjournal.com/?p=2111#comment-52425 If you really want to see credit dry up - or become a gov't only issue, then extend cram-down to our suicidal judicial system. What do you think lending rates will be on an unenforcable loan, assuming anyone was willing to lend $200,000 you to buy a house? Play more chess, look more than one move ahead! If you really want to see credit dry up – or become a gov’t only issue, then extend cram-down to our suicidal judicial system. What do you think lending rates will be on an unenforcable loan, assuming anyone was willing to lend $200,000 you to buy a house?

Play more chess, look more than one move ahead!

]]> By: Charles V. http://firsttuesdayjournal.com/the-house-rejects-%e2%80%9ccramdown%e2%80%9d-measure-more-foreclosures-on-the-way/comment-page-1/#comment-52333 Charles V. Wed, 16 Dec 2009 17:55:59 +0000 http://blog.firsttuesdayjournal.com/?p=2111#comment-52333 Have a problem letting Judges make these decisions, we need to own our decision to take on debt that don't make sense, bailout just transfers peoples bad decision consequences to the rest of the people, not acceptable. A free market decision by lender to reset balance and terms makes sense in many cases, reduces loss in many cased, next door for closed at 213,000 balance, finally resold at 90,000 about 20 months later. Have a problem letting Judges make these decisions, we need to own our decision to take on debt that don’t make sense, bailout just transfers peoples bad decision consequences to the rest of the people, not acceptable. A free market decision by lender to reset balance and terms makes sense in many cases, reduces loss in many cased, next door for closed at 213,000 balance, finally resold at 90,000 about 20 months later.

]]> By: Bill McCord http://firsttuesdayjournal.com/the-house-rejects-%e2%80%9ccramdown%e2%80%9d-measure-more-foreclosures-on-the-way/comment-page-1/#comment-52172 Bill McCord Tue, 15 Dec 2009 16:10:13 +0000 http://blog.firsttuesdayjournal.com/?p=2111#comment-52172 Rather than giving the power of "Cram Down" to bankrupcy courts" (most "distressed" homeowners do not, and will not want to go the bankrupcy path), I'd rather see the Real Estate industry praising the Wells Fargo strategy for dealing with their Wachovia inheritance. They are actively using "Cram Down" along with Loan Modification strategies, usually together, to provide long term solutions to for many of their defaulting loans. With a long history of prudent and pragmatic lending policies Wells Fargo they are an excellent example of what the banks could and should be doing to both minimize their losses by keeping as many as possible of the problem loans viable. This is in direct contrast with the short sighted strategies being used by the majority of other banks with similar problems. These could most kindly be described as re-arranging the deckchairs on the Titanic. Wells have also vastly improved the processing of Wachovia short sale contracts. They are now the most sensible and organized company in the busines today. Bill Rather than giving the power of “Cram Down” to bankrupcy courts” (most “distressed” homeowners do not, and will not want to go the bankrupcy path), I’d rather see the Real Estate industry praising the Wells Fargo strategy for dealing with their Wachovia inheritance. They are actively using “Cram Down” along with Loan Modification strategies, usually together, to provide long term solutions to for many of their defaulting loans.
With a long history of prudent and pragmatic lending policies Wells Fargo they are an excellent example of what the banks could and should be doing to both minimize their losses by keeping as many as possible of the problem loans viable. This is in direct contrast with the short sighted strategies being used by the majority of other banks with similar problems. These could most kindly be described as re-arranging the deckchairs on the Titanic.
Wells have also vastly improved the processing of Wachovia short sale contracts. They are now the most sensible and organized company in the busines today.
Bill

]]> By: Jerry Irons http://firsttuesdayjournal.com/the-house-rejects-%e2%80%9ccramdown%e2%80%9d-measure-more-foreclosures-on-the-way/comment-page-1/#comment-52155 Jerry Irons Tue, 15 Dec 2009 13:45:22 +0000 http://blog.firsttuesdayjournal.com/?p=2111#comment-52155 Like your articles. Son, Cullen, is at UCSB as a junior and leads the volleyball team #12.. Go Gauchos! We have become a sorry lot in that the majority of US citizens no longer read. We have become a herd of "sound bite", "talking heads" followers and see only what the corporations wish for us to see and hear and of course that is "give us the money". Woe is we!!!!! You keep trying to help and don't give up! Maybe someday a "plague" will level the corporate, souless system we have become! Jerry Irons Like your articles. Son, Cullen, is at UCSB as a junior and leads the volleyball team #12.. Go Gauchos!

We have become a sorry lot in that the majority of US citizens no longer read. We have become a herd of “sound bite”, “talking heads” followers and see only what the corporations wish for us to see and hear and of course that is “give us the money”.

Woe is we!!!!!

You keep trying to help and don’t give up! Maybe someday a “plague” will level the corporate, souless system we have become!

Jerry Irons

]]>