Wednesday, September 24, 2008

Mortgage Bankers Association's Cramdown Claim Debunked

(Adam Levitin @ Credit Slips) I have received several inquiries about the Mortgage Bankers Association's spurious claim that permitting modification of mortgages in bankruptcy will result in higher interest rates or less credit availability. I have drafted a very short explanation of why the MBA's claim is patently false and in fact disprovable. It is available here.

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