Category: Home ownership

Written by billpoorman

We need a housing overhaul

Following up on my last post on cramdown, I want to highlight this opinion piece from the Wall Street Journal. The author makes the point that many people in the U.S. are saying we need a banking system more like Canada’s, which is in much less trouble than our own. (What does Canada not do […]

Written by billpoorman

Cramdown smackdown

The American Prospect has a good wrap-up of the political situation surrounding the recent defeat of “cramdown” legislation (starring Illinois’ own Senator Dick Durbin). Cramdown is when a bankruptcy judge can reduce the amount of a mortgage once a person goes into bankruptcy court. Current law forbids a judge from lowering the amount of a […]