‘Cram-Down’ Law Threatened To Boost Modifications

05 Aug 2009

Rep. Barney Frank (D-Mass.) has threatened to revive proposed legislation to allow bankruptcy judge to perform loan modifications, if mortgage services don’t substantially increase their activity in that area.

Rep. Barney Frank (D-Mass.) has threatened to revive proposed legislation to allow bankruptcy judge to perform loan modifications, if mortgage services don’t substantially increase their activity in that area. Frank made his statement regarding the so-called “cram-down” law after Treasury reported last week that only 9% of eligible ...

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