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'Cramdowns' Could Soon be Legal.
Byline: Brian Collins
Washington-Key senators have reached a compromise with Citigroup that could speed passage of a bill that allows judges to modify mortgages and reduce or "cram down" the principal amount of the loan to the fair value of the property.
But major industry groups such as the Mortgage Bankers Association, Financial Services Roundtable and American Bankers Association have not signed on.
"We remain opposed to bankruptcy cramdown legislation because of the destabilizing effect it will have on an already turbulent mortgage market," MBA chairman David Kittle said.
Under the compromise, Sen. Dick Durban, D-Ill., agreed to amend his bankruptcy bill so only existing mortgages could be crammed down - not mortgages originated after the date of enactment.
Homeowners also have to certify that they attempted to contact their lender/servicer regarding a loan modification before filing for bankruptcy cramdown. Otherwise, a bankruptcy judge can only reduce the interest rate or extend the term of the loan.
"Citi shares the legislation's goal to help distressed borrowers to stay in their homes, and believes it will serve as an additional tool to the extensive home retention programs currently in place to help at-risk borrowers," Citigroup chief executive Vikram Pandit said in supporting the compromise.
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Source: HighBeam Research, 'Cramdowns' Could Soon be Legal.