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Should judges renegotiate mortgage terms?

by Jim Moore

In the article to the left (Click here), party member Brian Faas opens the debate on judicial intervention in renegotiating mortgages.  What are your thoughts on this suggestion?  Too much? Too Little? Will it move us toward solving the crisis or open another can of worms?

Comments (2)

Borrowers.
written by Tom Schunk , February 21, 2009

From what I have discovered, many financial institutions will not even consider consider options for the borrower until the borrower is significantly behind in payments.


Bankruptcy Judges
written by Harvey Havir , February 26, 2009

The only amendment I would make to Brian's piece is that there is no logical reason for it to be temporary. There is no way to have a statue that will will deal equitably with every person and situation. A Judge can adjust the terms of a home mortgage contract taking account of all of the details of each case, the same as he does for all of the other aspects of the particular individual.
It also has the beneficial effect of providing an inducement for the mortgage holder to negotiate with the homeowner prior to the judge stepping in.
It also would almost certainly rule out the home mortgage becoming a part of a CDO, the likes of which provided the gas for the real estate bubble. It is a great comment in all respects!



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