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CRAMDOWN



Postman Says:  Below are a series of what were very important articles. 

In April, Congress, rather the banking controlled Senate, refused to pass the
cramdown legislation. Senator Dick Durban said in the press, "This proves that the banks own this place." Not so shocking -- as brave -- what he said.

Cramdown = principal reduction to current market value.

This amount should actually be less 10% for future reduction in prices over the next three years, and a 6%, 30 year fixed mortgage substituted for the original illegal and fraud based mortgage. 

That is what we call a
legitimate loan modification with no closing costs and no credit impairment. 

If the borrower can afford that payment it’s good for all local stakeholders, the borrower and entire neighborhoods because there is no foreclosure. 

This will bring mortgage values and payments down to near historical value ratios of Income to Debt. 



This is the heart of the deeper plan to keep homeowners in indentured servitude, stuck in an illegal loan while protecting the banks -- The Banking Lords of Wall Street. There is no longer any surprise to that.

Borrowers must do their own cramdown.

You need a Forensic Loan Audit and referral to an attorney.

We show you how to do that here.


Lenders don’t like it because true numbers must be shown on their books, and, moreover, they take a loss which goes towards proving their insolvency.


Cramdowns are one of the hot topics you're barely reading anything about. The House passed the cramdown element of Obama's bill, and the Senate refused to pass it. The San Francisco Chronicle buried the story the following day on page 8.

Arguably the most critical national news story, and they buried it.

The media protects both Congress and the lenders, and they wonder why they are going down.

Circulation -- down.

Advertising revenue -- down.

Business model -- down.

Credibility -- worse than compromised -- shot to smithereens

We contend they have no future major role, unless, until, they provide breaking news of relevance -- news that people must read to protect their families. We always say that, and we're sticking to it.

Holding a degree in Journalism we feel bad about it, but, they have been disintermediated by the Internet. They can't fight back effectively because of their corporate structures and the debt they carry.

Between a rock, a hard place and a cliff to fall over, they muddle along, carrying their irrelevancy, their built in model failure as some overwhelming burden, some open sore that can never heal without severe truncation.

In thrall to Post-Post Modern Irony, finally, we finally stop.


The articles below are in reverse chron order. Most recent at the top.



Where’s Volcker? | The Big Picture
By Barry Ritholtz
I sure hope he is involved with the new regulatory regime. Maybe that is the strategy. Who will argue when he forces the medicine down the throats of the petulant banksters and others. This will be the real cram down. Steve Barry Says: ...

Guest Columnist | Fixing the banking woes
Kansas City Star - MO,USA
... which would give federal bankruptcy judges the authority to “cram down” the throats of lenders reductions in actual amount owed by the borrower. ...

Long-Stalled Proposal To Restructure Mortgages Faces Critical Test
By The Huffington Post News Editors
has given housing advocates two weeks to find a compromise that would win 60 votes for a long-stalled proposal to allow bankruptcy judges to restructure mortgages. Critics of this proposal call it a cramdown because it would force ...

Simsisms
By Darbleyg
A mortgage cramdown (where a judge rewrites a loan) means that the bank takes the loss it was probably going to take anyway, but it avoids the foreclosure process and the debtor gets to keep the home. Banks can actually come out BETTER ...

5 Questions with A. Jay Cristol
MiamiHerald.com - Miami,FL,USA
It's known in bankruptcy as a ``cram down.'' The legislation has the support of numerous judges, including A. Jay Cristol, chief judge emeritus of the US ...

Miami Judge Supports Bankruptcy Legislation Helping Homeowners ...
A key component of President Barack Obama's plan to curb the rising tide of foreclosures is to give bankruptcy judges the power to write down mortgage debt for people in bankruptcy court. It's known in bankruptcy as a "cram down." ...

Cram-Down” Provision May Be Dropped from House-Passed Banking ...
By David Yunghans
WW&R Bankruptcy practice group of Weltman, Weinberg & Reis, the nation’s largest creditor’s rights law firm, is your source for bankruptcy news and information. We are committed to helping clients thrive in these ever changing times.

Revised foreclosure bill gives judges less leeway on mortgages
Dayton Daily News - Dayton,OH,USA
... higher interest rates often associated with higher-risk borrowers — and no longer would give judges the power to "cram down" a loan's principal. ...

Politico: Mortgage Cramdown Could Be Stripped From Housing Bill ...
By Paul Sherman
If supporters are unable to assemble a filibuster-proof majority in the next few weeks, the cramdown provision will be stripped from the housing bill, Politico reports: It’s cram time for cramdown proponents. ...

Fearing Arrest: Travel Ban on Top Executive from Swiss Banks ...
By Steven Feldman
Senior bankruptcy judge state in http://tinyurl.com/cqo3jl that banker are acting stupidly by refusing cram down new law 11 hrs ago; Managing Saddleback Valley Bankruptcy Center 1 week ago · More updates... Posting tweet. ...

Senator: Give No Quarter on Cramdowns
Sen. Jon Kyl, R-Ariz., is urging bankers to stand firm and not compromise on cramdown legislation because Senate Democratic leaders don t have the votes to pass it.

A Second Look: From the Office of Senator Cantwell | A Second Look ...
By Tom
This legislation that enables bankruptcy judges to cram down the mortgage terms should have been passed months ago. Time is wasting. Senator Maria Cantwell (D-WA),U.S. House of Representatives,Helping Families Save Their Homes Act of ...

Bankruptcies Rose to Nearly 6000 a Day in March
New York Times - United States
The House has approved a version of that so-called cramdown legislation, but the Senate did not have enough votes to overcome a filibuster by Republicans, ...

Obama foreclosure prevention program hangs up on squabbling banks ...
By Jack
One more reason for the government to change the bankruptcy law to allow bankruptcy courts to cram down the value of the house to current market value, and then to decide who gets what. Right now you can go to bankruptcy court for a ...

Will the Senate Approve Cram-Down Legislation to Enable Mortgage ...
By admin
Written by Craig D. Robins, Esq. I previously wrote that President Obama wants Congress to pass legislation permitting bank...

Kyl warns US bankers to expect scrutiny
Arizona Republic - Phoenix,AZ,USA
Bankers and most Republicans, including Kyl, argue that the cramdown would further destabilize the housing market and lead to higher interest rates on all ...

Gone TALFing
US Banker - New York,NY,USA
Storero also believes that cram-down proposals “certainly are not going to help the situation and only continue the reluctance of private investors to ...

Mortgage Bonds Rally on Optimism for Geithner Toxic-Asset Plan
Bloomberg - USA
He cited a plan being debated in Congress to allow bankruptcy judges to “cram down” home loans, or reduce the amount borrowers owe. ...

The Mortgage "Cramdown" Bill Could Help Homeowners
bankingMyway.com - Fort Atkinson,WI,USA
Trouble is, unless the mortgage "cramdown" bill -- which would allow judges to modify mortgages in bankruptcy court -- gets through the Senate, ...

D-Day: The Problem Of The Senate
By dday
And opposition to the Administration-supported cram-down proposal may scuttle that piece of the housing bill. Jonathan Chait senses a pattern. The last Democrat who held the White House, Bill Clinton, saw the core of his domestic agenda ...

The Bilerico Project | Indiana | Evan Bayh's "little lobbyist ...
By [email protected] (Alex Blaze)
The House last month passed what was called "cramdown" legislation. It would allow bankruptcy judges to renegotiate the terms of primary home mortgages, giving them authority they already have when it comes to other loans (like for ...

The Washington Monthly
By Hilzoy
Besides all that, though, there's a good economic case for allowing cramdowns. We seem to be rescuing a lot of companies lately. But it's no good trying, for instance, to save GM if we don't have customers who are able and willing to ...

Lawmaker eyes recoupment of mark-to-market losses
MarketWatch - USA
... lawmakers not to approve so called "cram-down" legislation that would allow bankruptcy judges the ability to modify mortgages for troubled homeowners. ...

How Judges Might Help Troubled Homeowners | The New America Foundation
Doing so would bust some myths surrounding the "cram down" legislation – now stalled in the Senate – that would allow bankruptcy judges to reduce payments on troubled mortgages. Most financial services executives oppose this bill, ...

OC Progressive:: Calvert Putting Politics Before Families
By bill hedrick for congress
What was particularly appalling was his slam against what he calls the "Mortgage Cram-Down Bill" (H.R. 1106), saying it would allow judges to "cram down" the principle amount on home mortgages. Has Mr. Calvert somehow forgotten that the ...

Lender-Opposition Stalls Cramdown Vote in Senate
Inside Mortgage Finance - MD,USA
Cramdown legislation in Congress lost some momentum this month as the mortgage industry has led efforts to delay a vote in the Senate. ...

Congress Matters ::
By David Waldman
They're holding you up right now over the mortgage relief "cramdown" bill. Two-thirds of the public favor serious relief for homeowners in trouble. It's definitionally impossible for them to oppose that as "moderates." ...

California housing may have a new foundation
Los Angeles Times - CA,USA
Sometimes, simple solutions can have a big impact, more so than big government foreclosure bailouts or having bankruptcy judges reduce -- "cram down" -- the ...

Bankruptcy filings on the rise in the area
Eagle Tribune - North Andover,MA,USA
But some in the mortgage industry — and many on Wall Street — say that such a law, known as a "cram down" in bankruptcy lingo, would cause the mortgage ...

Homeowners say they were swindled in foreclosure scams
Asbury Park Press - Asbury Park,NJ,USA
The House of Representatives has approved the so-called cram-down measure that allows bankruptcy courts to lower the balance due on mortgages on primary ...

Reid To Cave To Bayh On Cram-Down?
By Todd Beeton
Earlier this month, the House of Representatives passed cram-down legislation designed to allow judges to write down the principal and interest on some mortgages to allow homeowners to stay in their homes, a goal that is a central ...

Hullabaloo
By digby
Apparently, the "compromise" is to only apply cramdown to subprime mortgages, which sounds terrific, right? Except, as Kagro points out here, most of the subprime mortgages have already defaulted. So that's all over. ...

Real estate: Oh, how things have changed
Whittier Daily News - Whittier,CA,USA
First is the so-called "cram down law" which, if passed, would allow bankruptcy judges to modify home loans in an effort to prevent foreclosures. ...

Firedoglake » Catching Up with Our Blue America Victorious Candidates
By Howie Klein
Is there a plan among you to start using the clout you have and standing up to the mushy middle—stand on principle—for things like the cram down and banking regulations? The wars? etc. As for earlier comments about bringing the war ...

RSS Daily World News-Reid To Cave To Bayh On CramDown?
RSS DAILY World NEWS-RSS NACHRICHTEN search News blog last updated, Reid To Cave To Bayh On CramDown?

The Progressive Puppy: Rowdy's Roundup - Fabrications ...
By Max P.
But Senator Evan Bayh's attempt to strip cram-down provisions from the Banking Bill draws the blogger's scorn. Gordonskene at Crooks and Liars writes a thoughtful post about how "public affairs" TV programs used to actually enlighten ...

Firedoglake » Hamsher on Maddow–Pushing Back at ConservaDems
By Gregg Levine
Why is a Democratic Senator with a huge foreclosure problem in his state writing a bill to compete with House legislation designed to cram down mortgages and keep people in their homes? Might it have something to do with, um, money? ...
We add:  when you start the video advance the slider to 3:50 minutes to jump right to the critical information regarding cramdowns.

HUD chief Donovan takes stock
Politico - Washington,DC,USA
Here are the highlights of the interview: Donovan is playing down the controversial cramdown provision as part of the overall housing plan, but he’s also ...

Loan Auditor Offers Cramdown Tool For BK Judges, Trustees
Mortgageorb - Oxford,CT,USA
Industry analysts predict that the pending cramdown legislation, which has passed the House but stumbled in the Senate, will produce a surge in bankruptcy ...
We add:  this product is not the borrower’s friend. Designed to assist lenders.

Senate Bill Could Help Women Keep Homes
By Women's eNews Staff
Studies have found that lowering the principal--a process known as "cram-down"--is critical because many homeowners who are underwater re-default following another financial setback even if their interest rates have been reduced. ...

Foreclosure relief bill stalls in Senate
Martinsburg Journal - Martinsburg,WV,USA
Such changes, known as "cramdown" provisions, are already afforded to individuals and businesses who file for bankruptcy and own second homes and vacation ...

March 27, 2009

For ex-subprime king Ameriquest, money did the talking
Los Angeles Times - CA,USA
... company finalized an agreement to pay $325 million to resolve predatory lending allegations brought by dozens of states and the District of Columbia. ...

Dems target incentives for loan originators
Inman.com - Emeryville,CA,USA
HR 1728, the Mortgage Reform and Anti-Predatory Lending Act of 2009, is a sweeping bill that would address many other aspects of the loan origination, ...

House Democrats Introduce Predatory Lending Bill
Inside Mortgage Finance - MD,USA
Democrats in the House introduced strong anti-predatory lending legislation this week. The House Financial Services committee is scheduled to markup the ...

Lawsuits accuse mortgage lenders of rip-offs
FinalCall.com - Chicago,IL,USA
... did a better job this could have been prevented,” Odette Williamson, staff attorney at the National Consumer Law Center, said about predatory lending. ...

At UN, Stiglitz Hits Subprime, Says 1% of Bailout Straight to Poor ...
Inner City Press - Bronx,NY,USA
And, we note, rather than accountability, those who engaged in predatory lending and securitizing have received bailouts. Whether any of this will be ...

Insider Loans Scandal | Republic Broadcasting Network
By admin
Galbraith also thinks that new bank management “will have no incentive to cover up the fraudulent or predatory lending practices of their predecessors.” Untrue. People who are insiders have a high degree of allegiance to the people in ...

Hale "Bonddad" Stewart: The Obama Rally Begins
By Hale "Bonddad" Stewart
As Elliot Spitzer wrote in the Washington Post: "Predatory lending was widely understood to present a looming national crisis. This threat was so clear that as New York attorney general, I joined with colleagues in the other 49 states ...

House Bill Looks to Kill Yield Spread Premiums : HousingWire ...
By KELLY CURRAN
Called the Mortgage Reform and Anti-Predatory Lending Act of 2009, the proposal is a tougher version of a measure that Rep. Miller sponsored in the previous Congress; that measure passed the House in 2007, but was never considered in ...

Court bars up-front fees by foreclosure rescue firm
Orlando Sentinel - Orlando,FL,USA
It is the latest development in recent litigation between the state and the company, which is operated by principals in a local law firm. ...

More Than 25 Percent of Attorneys Predict Firms Will Add Personnel ...
Law.com - San Francisco,CA,USA
... a lot of midsized firms and small firms that have busy litigation and bankruptcy practices, maybe foreclosure practices, and IP firms, continue to have ...

Upcoming Events in the Legal Community
Brooklyn Daily Eagle - Brooklyn,NY,USA
Thirty-minute documentary film about the foreclosure crisis in East New York, Brooklyn. Panel discussion to follow. Panelists: film co-directors Sarah ...

Financial crisis: Will lawyers and accountants pay the price?
New England Business Bulletin - New Bedford,MA,USA
Individual homeowners and borrowers under threat of foreclosure have found that courts are more sympathetic than they used to be toward claims that lenders ...

As Foreclosures Ravage Jersey City’s Poorest Neighborhoods, Signs ...
By Martin C. Bricketto
Gregory Diebold, director of litigation for Northeast New Jersey Legal Services, which serves low-income residents of Hudson, Passaic and Bergen counties, estimates that his organization’s load of foreclosure cases has tripled during ...

Homeowner Stops Foreclosure with “Produce the Note” | The Consumer ...
By Angie Moreschi
If Strohecker agrees to the work-out and makes all the payments, except for the balloon, EMC can still choose to proceed with the foreclosure. That, however, would give Strohecker a pretty strong argument to take before the Judge…

Woman Bilked By Foreclosure Relief Program - Money News Story ...
PLEASANT VIEW, Tenn. -- A newly divorced mother of two is at risk of losing her home after losing $1000 to a foreclosure relief program. Thursday, March 26, 2009. ... Shop Your Insurance. SAVE up to 30% on Insurance. Paying too much for insurance? Get quotes from multiple companies and choose the best plan for you. Start saving now! Insurance Type: Auto Insurance, Health Insurance, Business Insurance, Life Insurance, Home Insurance. Zip Code: ...



Postman Says:  Below are a series of very important articles.  If the Senate will not pass the cramdown legislation, then individual homeowners must obtain a Forensic Loan Audit, retain an attorney, and obtain their own cramdown loan modification.  Cramdown = principal reduction to current market value less 10% for future reduction in prices over the next three years, with and a 6% 30 year fixed mortgage substituted for the original mortgage.  It’s basically a legitimate loan modification with no closing costs and no credit impairment. 

If the borrower can afford that payment it’s good all the way around for everyone including the borrower and entire neighborhoods because there is no foreclosure.  This brings mortgages down to near historical value ratios of Income to Debt.  Lenders don’t like it because true numbers must be shown on their books, and, moreover, they take a loss which goes towards proving their insolvency.


Cramdowns are one of the hot topics you're barely reading anything about. The House passed the cramdown element of Obama's bill, and the Senate has placed it on hold. The is really near the heart of the deeper plan to keep homeowners in indentured servitude, stuck in an illegal loan while protecting the banks. There is no longer any surprise to that.

D-Day: The Problem Of The Senate
By dday
And opposition to the Administration-supported cram-down proposal may scuttle that piece of the housing bill. Jonathan Chait senses a pattern. The last Democrat who held the White House, Bill Clinton, saw the core of his domestic agenda ...

The Bilerico Project | Indiana | Evan Bayh's "little lobbyist ...
By [email protected] (Alex Blaze)
The House last month passed what was called "cramdown" legislation. It would allow bankruptcy judges to renegotiate the terms of primary home mortgages, giving them authority they already have when it comes to other loans (like for ...

The Washington Monthly
By Hilzoy
Besides all that, though, there's a good economic case for allowing cramdowns. We seem to be rescuing a lot of companies lately. But it's no good trying, for instance, to save GM if we don't have customers who are able and willing to ...

Lawmaker eyes recoupment of mark-to-market losses
MarketWatch - USA
... lawmakers not to approve so called "cram-down" legislation that would allow bankruptcy judges the ability to modify mortgages for troubled homeowners. ...






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