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March 4, 2008 at 7:40 PM #164561March 4, 2008 at 8:06 PM #164480tangouniformParticipant
As long as the cram-down is recorded (new lien with corresponding deed recording of the new amount) I don’t have a problem with this. It’ll kill the comps and bring some sense back to the market. The contract is between the lender and the borrower, after all, and if it makes sense then there’s little we can do. We’re already seeing the lenders clenching up like they got the travelin’ trots and they’re 300 yards from the nearest head. Cram-downs will make the underwriters positively paranoid.
The moral hazard to all this happened when back when the insane lending standards were in effect. A lot of us bubble sitters knew better and held onto our moral convictions that the money was too easy. Yes, we’ll suffer even if we didn’t surrender our fiscal virtue. That’s OK because we know we were right and we’ll be able to move when others can merely suffer with their just-barely affordable (even after the cram-down) debt load.
We’re past the “I told you so” phase…
March 4, 2008 at 8:06 PM #164488tangouniformParticipantAs long as the cram-down is recorded (new lien with corresponding deed recording of the new amount) I don’t have a problem with this. It’ll kill the comps and bring some sense back to the market. The contract is between the lender and the borrower, after all, and if it makes sense then there’s little we can do. We’re already seeing the lenders clenching up like they got the travelin’ trots and they’re 300 yards from the nearest head. Cram-downs will make the underwriters positively paranoid.
The moral hazard to all this happened when back when the insane lending standards were in effect. A lot of us bubble sitters knew better and held onto our moral convictions that the money was too easy. Yes, we’ll suffer even if we didn’t surrender our fiscal virtue. That’s OK because we know we were right and we’ll be able to move when others can merely suffer with their just-barely affordable (even after the cram-down) debt load.
We’re past the “I told you so” phase…
March 4, 2008 at 8:06 PM #164160tangouniformParticipantAs long as the cram-down is recorded (new lien with corresponding deed recording of the new amount) I don’t have a problem with this. It’ll kill the comps and bring some sense back to the market. The contract is between the lender and the borrower, after all, and if it makes sense then there’s little we can do. We’re already seeing the lenders clenching up like they got the travelin’ trots and they’re 300 yards from the nearest head. Cram-downs will make the underwriters positively paranoid.
The moral hazard to all this happened when back when the insane lending standards were in effect. A lot of us bubble sitters knew better and held onto our moral convictions that the money was too easy. Yes, we’ll suffer even if we didn’t surrender our fiscal virtue. That’s OK because we know we were right and we’ll be able to move when others can merely suffer with their just-barely affordable (even after the cram-down) debt load.
We’re past the “I told you so” phase…
March 4, 2008 at 8:06 PM #164468tangouniformParticipantAs long as the cram-down is recorded (new lien with corresponding deed recording of the new amount) I don’t have a problem with this. It’ll kill the comps and bring some sense back to the market. The contract is between the lender and the borrower, after all, and if it makes sense then there’s little we can do. We’re already seeing the lenders clenching up like they got the travelin’ trots and they’re 300 yards from the nearest head. Cram-downs will make the underwriters positively paranoid.
The moral hazard to all this happened when back when the insane lending standards were in effect. A lot of us bubble sitters knew better and held onto our moral convictions that the money was too easy. Yes, we’ll suffer even if we didn’t surrender our fiscal virtue. That’s OK because we know we were right and we’ll be able to move when others can merely suffer with their just-barely affordable (even after the cram-down) debt load.
We’re past the “I told you so” phase…
March 4, 2008 at 8:06 PM #164571tangouniformParticipantAs long as the cram-down is recorded (new lien with corresponding deed recording of the new amount) I don’t have a problem with this. It’ll kill the comps and bring some sense back to the market. The contract is between the lender and the borrower, after all, and if it makes sense then there’s little we can do. We’re already seeing the lenders clenching up like they got the travelin’ trots and they’re 300 yards from the nearest head. Cram-downs will make the underwriters positively paranoid.
The moral hazard to all this happened when back when the insane lending standards were in effect. A lot of us bubble sitters knew better and held onto our moral convictions that the money was too easy. Yes, we’ll suffer even if we didn’t surrender our fiscal virtue. That’s OK because we know we were right and we’ll be able to move when others can merely suffer with their just-barely affordable (even after the cram-down) debt load.
We’re past the “I told you so” phase…
March 4, 2008 at 9:22 PM #164591pnileshParticipantMaybe we should reduce Bernanke of his position. He deserves it. He is too genius for this position and his acts are driving my savings crazy…
March 4, 2008 at 9:22 PM #164489pnileshParticipantMaybe we should reduce Bernanke of his position. He deserves it. He is too genius for this position and his acts are driving my savings crazy…
March 4, 2008 at 9:22 PM #164507pnileshParticipantMaybe we should reduce Bernanke of his position. He deserves it. He is too genius for this position and his acts are driving my savings crazy…
March 4, 2008 at 9:22 PM #164500pnileshParticipantMaybe we should reduce Bernanke of his position. He deserves it. He is too genius for this position and his acts are driving my savings crazy…
March 4, 2008 at 9:22 PM #164179pnileshParticipantMaybe we should reduce Bernanke of his position. He deserves it. He is too genius for this position and his acts are driving my savings crazy…
March 5, 2008 at 10:21 AM #164347crParticipantThe irony is the FED can’t force banks to do anything. This may be socialism, but it’s not a FED-led dictatorship.
This is probably just a ploy by Ben to appear to want to help those facing foreclsoure.
You try forcing banks to write down mortgages, you think they will acquiesce quietly? Then what, credit card companies, lay-aways and IOUs?
If they do go forward with it, then I want a $50,000 credit towards my home purchase. What’s the difference?
March 5, 2008 at 10:21 AM #164660crParticipantThe irony is the FED can’t force banks to do anything. This may be socialism, but it’s not a FED-led dictatorship.
This is probably just a ploy by Ben to appear to want to help those facing foreclsoure.
You try forcing banks to write down mortgages, you think they will acquiesce quietly? Then what, credit card companies, lay-aways and IOUs?
If they do go forward with it, then I want a $50,000 credit towards my home purchase. What’s the difference?
March 5, 2008 at 10:21 AM #164669crParticipantThe irony is the FED can’t force banks to do anything. This may be socialism, but it’s not a FED-led dictatorship.
This is probably just a ploy by Ben to appear to want to help those facing foreclsoure.
You try forcing banks to write down mortgages, you think they will acquiesce quietly? Then what, credit card companies, lay-aways and IOUs?
If they do go forward with it, then I want a $50,000 credit towards my home purchase. What’s the difference?
March 5, 2008 at 10:21 AM #164678crParticipantThe irony is the FED can’t force banks to do anything. This may be socialism, but it’s not a FED-led dictatorship.
This is probably just a ploy by Ben to appear to want to help those facing foreclsoure.
You try forcing banks to write down mortgages, you think they will acquiesce quietly? Then what, credit card companies, lay-aways and IOUs?
If they do go forward with it, then I want a $50,000 credit towards my home purchase. What’s the difference?
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