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User Info	NY Times: WS Sees Silver Lining in Economy ; entered at 2007-12-01 11:55:02
Iliketrends Posts: 2001 Registered: 2007-11-26	`The government can't impose, by fiat, changes in servicing policies'' for the bonds, said Daniel Nigro, who manages asset-backed securities in New York at Dynamic Credit Partners, which has about $6 billion under management. ``The servicer can't impose broad-brush modifications without examining each loan in more detail,'' he added. ``Will investors go along with this plan?,'' Democratic Senator Charles Schumer of New York said in a statement. ``If not, can they be compelled to?'' read forced instead of compelled.....cramdown........ Mortgage-industry lobbyists have argued an across-the-board solution is difficult to apply. Rewriting contracts also risks moral hazard — encouraging borrowers to take on more debt in the expectation of being bailed out if needed later. “It is really an indiscriminate procedure that would violate the terms of the contract that provide for loan-by-loan decision making,” George Miller, executive director of the American Securitization Forum, said in an interview this month. A broad approach would “significantly disrupt the reasonable expectation of investors” in the $7.1 trillion market for bonds backed by mortgages. http://www.housingwire.com/2007/08/25/th.... 2007-12-01 11:55:02