So far, the housing market is showing signs of life. However, if things turn for the worse again, we're going to need a way to clear the housinig market quickly and a key component of that will need to be restructuring of subprime mortgages.
Tuesday, May 12, 2009
So the Times reports that the mortgage cramdown legislation died. This is such a blatant example of the stranglehold that that banking lobies have on our government. Moreover, the cramdown double standard is staggering. Isn't the conversion of bank debt to equity a cram down for the tax payer? Of course it is. If it's fair for us it should be fair for them.
Posted by Ciitizen at 2:20 PM