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User Info	Paulsen Works With Industry on Loan Plan; entered at 2007-12-01 14:11:08
Oxfordrick Posts: 3161 Registered: 2007-07-09 san diego	Older, Yes everyone has to agree. But if you are an insolvent portfolio lender, borrowing at the FHLB, how you gonna say no? The problems of modification in a securitization have been consistently exaggerated here and elsewhere. The Trustee who holds title to the assets is already empowered to modify "in the best interests of all classes." Yes of course this creates conflicts of interest anytime any loan sours but it's nothing new, been going on in CMBS whenever a tenant goes***** up for years. The real vice of modification is the chilling of the future market for residential financing. This will erase the financial component of valuation which has been the major driver of price increase recently. 2007-12-01 14:11:08