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Unpublished Paper
The Case for "Cramdown": Eliminating the Practical and Ideological Barriers to Pure Mortgage Modification
ExpressO (2010)
  • Peter J Leo, Drake University
Abstract
This article was prepared for a seminar in Consumer Protection. The article makes the case that Congress should modify the Bankruptcy Code to allow for judicial modification of home mortgages on a bankrupt’s principal residence as a means of combating the foreclosure crisis. The article examines two different proposals originally published in the Minnesota Law Review and the Yale Journal on Regulation, examines some of the deficiencies in those proposals, and concludes that “cramdown” will be a more effective means of keeping consumers in their homes.
Keywords
  • cramdown,
  • bankruptcy,
  • mortgage,
  • foreclosure
Disciplines
Publication Date
January 19, 2010
Citation Information
The Case for "Cramdown": Eliminating the Practical and Ideological Barriers to Pure Mortgage Modification , 18 U. Miami Bus. L. Rev. (forthcoming 2010).