House OK's cram-downs compromise | Real Estate and Technology News for Agents, Brokers and Investors | Inman News

House OKs 'cram-down' compromise Real Estate and Technology News for Agents, Brokers and Investors Inman News

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I like seeing this law being passed. From many conversations with homeowners I've heard often that the banks aren't being too receptive to working out troubled mortgages. Perhaps now that there's a "Sword of Damocles" hanging over them they'll be more receptive.

I'm not advocating irresponsible reworks but there needs to be some pressure applied to these banks. With many many banks recieving government bailouts I really feel that they should be more receptive to working out these toxic mortgages & assisting those homeowners to retain their homes rather than foreclosure.

It'll be interesting to see over the next few months how this will work out. Baby steps in the right direction in my opinion. Look forward to hearing your ideas.

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