CNBC looked last week at whether new proposals to give judges the power to rewrite mortgages [http://beta.therealdeal.com/articles/mortgage-cram-downs-gain-momentum ] will help to resolve the housing crisis. Yale professor John Geanakoplos and CNBC’s Diana Olick discuss these proposals and the way mortgage modifications are handled. Olick said that the system is too overloaded already for the new plan to have much effect, and Geanakoplos said the government needs to hire bankers to make decisions about mortgage servicing. For more information please click the link provided: http://www.cnbc.com/id/15840232?video=991266979&play=1
Author: negahban
Keywords: amir cnbc deal diana economy estate geanakoplos john korangy mortgage new olick proposal real
Added: January 13, 2009
