heard Judge Nepalitano on the radio yesterday discussing the strings that congress it trying to attach to the bank bailouts-limiting compensation etc. He said that to do such things would be unconstituional-the govt injecting itself into “contracts”. If that is the case I would expect these mortgage cramdowns to be viewed the same way-the govt is interferring with contracts that have been entered into legally by the parties.
it was never so in the past, it is not so now with investment property which still has cramdown.
This is not about the persons, this is about “what is the house worth?”