Some Advice from the IMF: Cramdown Mortgages in Bankruptcy
The International Monetary Fund has focused its critical gaze on us. Just in time for the holiday marking the end of our colonial period, the IMF has completed its "Mission to the United States of America." See here. The IMF has held up its neocolonial mirror and found us problematic: "The U.S. recovery remains tepid." Anyone disagree? Annoying to have outsiders tell us the truth.
There are many recommendations about how we could reinvigorate our economy. Notably, at number 10, there is this: "Consideration should also be given to allowing mortgages on principal residences to be modified in personal bankruptcy without secured creditors’ consent (cram-downs)."
Happy Independence Day!