Mortgage Modification Article from The Nation (“More Mortgage Madness”)
This article is fascinating and explains why mortgage modification is so difficult. It also illustrates the need for the Bankruptcy Code to provide for “cram down” of mortgages to the value of the home. As counsel for Ocwen states, modification is actually good for lenders. Far less costly than foreclosure. But the system is engineered for failure.
-Russ DeMott
http://www.thenation.com/doc/20090518/wright
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Well said