re: #142 quickjustice

G-d forbid the Chrysler secured bondholders should ask to be treated fairly by President Obama and his Treasury Department. If they weren’t secured, Treasury would have rolled them for sure. Now it’s up to the courts, which Obama hasn’t yet flipped. Give him time.

Not to be lost in all this was the fact that the Cramdown bill was attempted and fortunately defeated. The bill would have allowed a judge to throw out all existing contracts and law and reset mortgage amounts and rates at their whim.

You would have seen mortgage rates go up to 15% or 20% cause banks would have had to discount in the risk, much like they do with credit cards now.

That would have been a great transfer of wealth from the financial sector to the working poor. Go get a mortgage, then run to court and have a judge reduce the amount you owe.