When the homeowner is under water, he can choose Chapter 7 to accept foreclosure. Or, he can go with Chapter 13, which may offer the chance to "cram down" the principle to allow repayment terms. The "cram down" may get banks lending again. The Congress is defining the extent to which a bankruptcy judge can modify the original contract. |
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Born a month before Pearl Harbor, I attended world events from an early age. My first words included Mussolini, Patton, Sahara and Patton. At age three I was a regular listener to Lowell Thomas.
My mom was an industrial nurse a member of the (
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