Foreclosure Resolution Blog

Already, Dick Durbin is backpedalling on his plans to allow mortgage cramdowns in bankruptcy to prevent foreclosure. Today, Housing Wire reports that “Durbin said he may limit the bill to existing subprime loans.”

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President Obama’s senior adviser David Axelrod was apparently on “Fox New Sunday” saying that his housing plan is “solid.” It’s unclear whether this plan will lead to permanent loan modifications, or if it’s a stopgap measure.

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