The U.S. Government has to realize that their #1 Resolution for 2009 is to end the residential housing decline. CRAM DOWN has to become the word of the year. Cram down is defined as a "bankruptcy court's enforcement of a reorganization plan despite the objections of some creditors. In terms of the residential mortgage debacle, this would give judges greater latitude to rewrite mortgages held by homeowners. Currently, bankruptcy judges cannot rewrite first mortgages for primary homes. President Obama will change this after January 20, 2009. He will sign into legislation a bill that will allow judges to alter these mortgages. The RTC of the 1990's had the ability to 'CRAM DOWN' commercial loans. These new loans help fuel the economic growth of the late 1990's. This is the year that the banks and the government have to bite the bullet and CRAM DOWN these loans to current market. If the principal due on a residential loan is reduced to the current market value of the home, then the homeowner will find a way to stay in that home and avoid foreclosure.
Random thoughts....Tomorrow, Friday is the first trading day of 2009....gold, oil,
real estate, and other investments may perform in 2009....look for my comments on these markets....the key is the first five trading days....Happy New Year
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9 comments:
Biting my nails on the first 5 business days of the year...NOW.
I love the photo for todays blog...looks like these folks are 'cramming down' on all they can afford...a shared pizza pie.
The global economic plot THICKENS...looking forward to your next view of things.
Hugs,
M
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