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The issue of mortgage principal cramdowns in BK was heard by the congressional banking committees last spring.
Congress failed to act because of the dilemna of the integrity of contracts and negative impact on mortgage rates. The people who pay their mortgage would be subsidizing those that don't through higher rates.
This hearing is too much of a sob story dog and pony show without focus on the real narrow purpose of the TARP law.
averageworkinggal 3 years ago