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Author Topic: Bank industry slams mortgage deal that would let bankruptcy judges modify loans  (Read 1975 times)
LyricFox
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« Topic Start: January 09, 2009, 11:07:48 pm »

Bank industry slams Citigroup mortgage deal
Proposal would let bankruptcy judges modify home loans, avert foreclosure

WASHINGTON - A top bank industry group Friday said it opposes an agreement between Citigroup Inc. and Democratic senators that would rewrite bankruptcy law to help troubled mortgage borrowers avoid foreclosure.

http://www.msnbc.msn.com/id/28583580/
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RandallS
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« Reply #1: January 10, 2009, 08:38:41 am »

WASHINGTON - A top bank industry group Friday said it opposes an agreement between Citigroup Inc. and Democratic senators that would rewrite bankruptcy law to help troubled mortgage borrowers avoid foreclosure.

Fortunately for the public, there are a lot of VOTERS who think this needs to be done, so I doubt that their lobbying efforts will have a lot of effect this time around -- especially after a $700 billion bailout of the financial industry.
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« Reply #2: January 10, 2009, 10:00:31 am »

Fortunately for the public, there are a lot of VOTERS who think this needs to be done, so I doubt that their lobbying efforts will have a lot of effect this time around -- especially after a $700 billion bailout of the financial industry.

Especially since the downside of this is much larger, but not directly visiable.  Yeah, the bill only affects existing mortgages, but I wouldn't be surprised if lending standards get tighter and if rates go up. Drawing a direct correlation though between them is going to be tough, if not impossible. 
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« Reply #3: January 10, 2009, 10:17:12 am »

(snip)

When the banking industry figures out how to get more money from it they will get on board.
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« Reply #4: January 10, 2009, 10:28:27 am »

When the banking industry figures out how to get more money from it they will get on board.

Short term or long term?

The prediction is that if bankruptcy judges can change primary home mortgages the banks will increase rates to make up for the risk of a cram down.  Home owner rates will be closer to investor rates, or even credit card rates. More money from each mortgage, but fewer mortgages. 

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« Reply #5: January 10, 2009, 10:47:21 am »

The prediction is that if bankruptcy judges can change primary home mortgages the banks will increase rates to make up for the risk of a cram down.  Home owner rates will be closer to investor rates, or even credit card rates. More money from each mortgage, but fewer mortgages. 

Perhaps Congess can return to the 50s and 60s when there were MAXIMUM interest rates that could be charged.  Fewer loans but no sky high interest rates either as opposed to fewer loans and sky high interest rates.  Banks used to do quite well in that environment -- of course, there were many smaller banks instead of just a few huge ones who don't really compete.
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« Reply #6: January 10, 2009, 11:03:26 am »

Perhaps Congess can return to the 50s and 60s when there were MAXIMUM interest rates that could be charged.  Fewer loans but no sky high interest rates either as opposed to fewer loans and sky high interest rates.  Banks used to do quite well in that environment -- of course, there were many smaller banks instead of just a few huge ones who don't really compete.

Resolution Trust Company (the first run in with bank scandals for the Bush clan)? 

There are plenty of small banks still. 

The result is likely to be zero loans.  Unless you want to seriously impose restrictions on who and how people can invest their money.  S & Ls existed because most people had no really good places to save money.  Large banks weren't interested in the small accounts. 

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