White House Silence Paved Way for ‘Cramdown’ Crash

By
Thursday, May 07, 2009 at 5:12 pm
President Barack Obama (WDCpix)

President Barack Obama (WDCpix)

Though mortgage bankruptcy reform has been a central component of the Obama administration’s foreclosure prevention strategy, the White House all but abandoned the proposal in the days leading up to last week’s Senate vote, providing some Democrats with the political cover to kill the bill and leaving supporters scratching their heads in wonder why the administration didn’t push harder for passage.

The proposal, sponsored by Sen. Richard Durbin (D-Ill.), would have empowered bankruptcy judges to reduce, or “cramdown,” the terms of primary mortgages, allowing some struggling homeowners to avoid foreclosure. Obama supported the measure on the campaign trail last year, and endorsed it again in February as he unveiled his anti-foreclosure plan.

Illustration by: Matt Mahurin

Illustration by: Matt Mahurin

Yet in the days before Thursday’s Senate vote, the silence emanating from the White House was palpable. Unlike Obama’s high-profile support for legislation to reform the credit card industry, the president made no public statements on cramdown, nor did he pressure Democratic lawmakers to support the bill.

“When the time came to stand up to the banking lobbies and cajole yes votes from reluctant senators — the White House didn’t,” The New York Times wrote in a biting editorial Monday.

The administrative hush led some lawmakers to believe the issue was no longer a priority for the White House. Indeed, a spokesperson for Sen. Michael Bennet (D-Colo.) — who opposed the proposal, saying it was too broad and would have raised interest rates — told The Denver Post that a “no” vote was not inconsistent with Obama’s position.

That sentiment allowed on-the-fence Democrats to oppose the measure without being perceived as defying the White House. Indeed, the measure failed 45 to 51 — 15 votes shy of defeating the GOP filibuster — with 12 Democrats joining every Republican to kill the bill.

The vote arrived at a time when foreclosure rates are skyrocketing and more and more homeowners find themselves “underwater” — owing more on their mortgages than their homes are worth.

In another curious move, the White House issued a statement last week reiterating its support for “appropriately tailored bankruptcy language” as part of its anti-foreclosure strategy. But the statement wasn’t released until a day after the Durbin’s cramdown amendment had already failed on the Senate floor.

Administration officials deny that Obama’s support for cramdown ever waned. “The President continues to support balanced bankruptcy reform to permit judicial modifications of mortgages for borrowers who have run out of options and is working with the Congress to get a bill enacted,” White House spokesman Nick Shapiro wrote in an email this week. But asked why Obama chose not to twist arms on the Senate vote, the White House didn’t respond.

Some observers say the administration’s silence simply represents a recognition that the proposal was doomed from the start. “They definitely left it hanging out there,” said a representative of the finance industry, who would only speak anonymously due to the delicate politics surrounding the issue. “But why would you expend political capital on something so many Democrats oppose, and it’s going to lose anyway? That just creates an ugly dinner table mess.”

Observers on all sides of the debate say that the administration made a political calculation, deciding that credit card reform would yield more mileage than cramdown.

“Bankruptcy reform, important as it was, was sort of esoteric,” Sen. Charles Schumer (D-N.Y.), who sponsored Durbin’s bill, told Politico this week. “If you went into O’Halloran’s Pub, the fellas aren’t saying to you, ‘What’s going on with bankruptcy reform?’ But they might say, ‘What are you doing about my credit cards?’”

Yet many experts are quick to point out that it was the housing crisis — not credit card abuses — that led to the global economic meltdown. Unless the housing market stabilizes, they say, the federal spending on bailouts and stimulus measures will be largely undermined.

“They can’t solve [housing] in isolation from the rest of the economy,” said Desmond Lachman, economist at the conservative American Enterprise Institute, “and they can’t solve the rest of the economy without fixing housing.”

Recent figures indicate that “fixing housing” remains a ways away. Foreclosure filings topped 341,000 in March alone — up 17 percent from the month before, according to RealtyTrac, an online foreclosure database. More recently, the realty Website Zillow.com released a study revealing that roughly 20.4 million homeowners — representing 20 percent of all homes — were underwater at the end of March, up from 16.3 million three months earlier.

On Tuesday, Federal Reserve Chairman Ben Bernanke delivered more bad news for the housing market, telling a congressional panel that unemployment would likely continue to rise through the remainder of the year.

“There’s no doubt in our minds,” said David Berenbaum, executive vice president of the National Community Reinvestment Coalition, “that the number of foreclosures will go up as unemployment goes up.”

Former chairman and CEO of Honeywell and CNBC financial analyst Larry Bossidy this week predicted 3 million foreclosures this year. “Housing’s still in the dumps,” he said.

Cramdown supporters argue that bankruptcy reforms would provide a last resort that could cut into those numbers. Under current law, consumers may file for bankruptcy to save second homes, boats, cars and almost any other material possession. Primary mortgages, however, are exempted. The Durbin bill would have empowered judges to reduce the principal and the interest rate while increasing the duration of the loan to prevent foreclosure. A similar proposal passed the House in March.

Last month, Mark Zandi, economist at Moody’s Economy.com, along with the Center for Responsible Lending, issued a report finding that the Durbin amendment would prevent nearly 1.7 million foreclosures — not because 1.7 million homeowners would file for bankruptcy, but because lenders and servicers would be more likely to reduce the terms of mortgage loans voluntarily if threatened with the possibility that a judge might do it instead.

Part of the problem facing cramdown stems from the moral hazard associated with saving homeowners who bought over their heads. “It’s easy to send out a $600 check,” said Campbell Harvey, a finance expert at Duke University, referring to Congress’ first stimulus strategy in early 2008. “To figure out who was a prudent borrower and who was an irresponsible borrower, that’s much tougher to do.”

The finance industry remains adamantly opposed to cramdown, arguing that the uncertainty associated with allowing judges to change mortgage terms would force lenders to pass the risk along to more responsible borrowers in the form of higher rates.

Durbin spokesman Max Gleischman said this week that the issue isn’t dead, but he couldn’t say how or when it might resurface. Although cramdown remains a part of the House housing bill — and could theoretically be included in the conference bill pieced together by House and Senate leaders — House Speaker Nancy Pelosi (D-Calif.) has said she won’t push to do so.

Not that Washington policymakers haven’t taken steps to address the housing crisis this year. On Wednesday, the Senate approved legislation that aims to improve the unpopular Hope for Homeowners program, while also providing a permanent bump in deposit insurance, from $100,000 to $250,000.

And in February, Obama unveiled a $75 billion anti-foreclosure plan, which provides financial incentives to mortgage servicers to modify loans to keep homeowners in their homes. Already, 13 servicers, representing almost 80 percent of the market, have signed up to participate in the voluntary program, according to Melanie Roussell, spokeswoman for the Department of Housing and Urban Development.

Yet neither the Obama plan nor the Senate bill provide significant help for “underwater” homeowners.

The Obama plan, for example, encourages refinancing for homeowners with loans taken out through Fannie Mae and Freddie Mac, but only in cases when they owe less than 105 percent of the home’s value. Lending advocates are urging the administration to increase that number to include more underwater homeowners.

Meanwhile, cramdown supporters are hoping the Democrats will return to the proposal sooner than later. A delay, they argue, will only allow more and more struggling homeowners to slip through the cracks of the anti-foreclosure plans already in place.

“There are a lot of modifications that can be offered that, in the end, won’t be enough to keep homeowners in their homes,” said David Abromowitz, a housing expert at the Center for American Progress, a liberal policy group. “The bankruptcy courts exist to help people who have experienced a set back.”

Comments

128 Comments

mike
Comment posted May 7, 2009 @ 2:47 pm

If a homeowner is already in bankruptcy that doesn't include their mortgage company,the banks still will not work with them.I know first hand.Not even Citi Bank?


Bankruptcy Credit - Firm buys Iowa meatpacker debt, making sale likely - KWWL « Bankruptcy Credit
Pingback posted May 7, 2009 @ 11:30 pm

[...] White House Silence Paved Way for ‘Cramdown’ Crash – The Washington Independent.comThough mortgage bankruptcy reform has been a central component of the Obama administration’s foreclosure prevention strategy, the White House all but abandoned the proposal in the days leading up to last week’s Senate vote, providing some [...]


totto
Comment posted May 8, 2009 @ 8:35 am

The votes from quasi-Democrats like Nelson and Landrieu weren't surprising, but Byron Dorgan ought to be ashamed of himself!


o4tuna
Comment posted May 8, 2009 @ 9:43 am

I think it is a matter of time. The “Banks” in the public eye and in the media have been the big mega banks. They are a big target and probably deserve attention. The stress test covered 19 of the biggest. I wonder how much in assets and deposits that is? But there are over 7000 commercial banks in this country. Many are struggling to various degrees and writing down losses, or cutting back. A lot of banks are taking on water while trying to plug the leaks and stay afloat. Maybe in another three months, if the economy stabilizes, banks will be in a better position to absorb more loss.


Verity
Comment posted May 8, 2009 @ 11:03 am

I am so very disappointed in President Obama for not helping people but helping banks


RGraceLaw
Comment posted May 8, 2009 @ 12:22 pm

We got sold out! That's all there is to it!

For the average homeowner, a cramdown, voluntary mortgage modification and/or any sort of life preserver from Washington DC are ships that have already sailed. Now that the Banks have demonstrated their clout in Washington, the average homeowner can expect nothing.They have left the average homeowner to drown. Obama is certainly not backing the average joe.

I'd wager a couple of bills that the banks are not even thinking about programs to save homeowners from foreclosure. They have a bigger fish to fry. I would bet a new plan of action is being put into place to recover from this mess. Think about it for a moment. Banks need to attract investors to recover. Investors want to see results; portfolios that are doing well. How will those portfolios be built? I'm guessing, but have you noticed at the foreclosure auctions, banks are starting to accept bids FROM OTHER BANKS (their friends) that are 50% less than the face value of the notes? What a brilliant idea. The bank selling at foreclosure gets to take a 50% write-off for the loss. The bank buying the property ends up with a property for 30% off fair market value. When the buying bank goes to sell at fair market, they show a profit to investors. Now the bank looks like its on the right track for its new investors. All the banks come out smelling like roses after this whole mortgage fiasco.

I have a client who will remain nameless for client confidentiality purposes. But he is representative of what I have observed in the past week. He has a $400,000 mortgage on his house. He asked the bank to reduce his mortgage to $300K and that he would pay 6% interest on the modified loan. My client's house is worth about $280K. The bank said no.

Unfortunately he was too far behind to do a Chapter 13 and catch up on the arrearages. But might I point out to you that those arrearages would never have existed BUT FOR his lender telling him that they would not consider a loan modification unless he was 3 months behind on his mortgage! My client was left with no alternative but to let the house be foreclosed upon.

When the house went to foreclosure, EMC sold the house to US BANK for about $150,000.00. This means that EMC will now book a $250K Loss on this investment. HOWEVER, US BANK will spend another $15 to $20K on eviction/relocation fees and may be another $15K to clean up the property and resell it at $280K. US BANK will be able to show a clean return on its investment of nearly 30% return. . . numbers investors will find attractive. It will then be business as usual for US BANK.

EMC will look bad to its investors, but those investors will have moved on to banks like US BANK. EMC perhaps will simply disappear as the fall guy for a mortgage industry who suffered chronic and severe anemia!

Let me point out something however. The banks will not be successful in this endeavor unless they actually have properties going to foreclosure sale; a LOT of properties going to foreclosure. The banks won't achieve the foreclosure numbers it needs to make this policy work with a broad policy of encouraging loan modification. It seems transparent that this is why recently so many of my colleagues and their clients are failing to achieve en masse positive modification results.

Let's get real. The financial incentives offered by Obama's plan amount to throwing a kid a penny and asking him to go clean out all the cow pies in a 30 acre cow pasture. I wouldn't count on seeing the banks voluntarily provide fair and reasonable loan modifications in the future.

Without the stick of a cram down the banks have already moved on to their bigger fish to fry; Chinese and Arab Investors! Your average homeowner in America will be merely the kindling to fuel that fire that catches these investors.


malthus
Comment posted May 8, 2009 @ 2:14 pm

“……..Yet neither the Obama plan nor the Senate bill provide significant help “underwater” homeowners…..”

Nor should they. The underwater must continue making their payments and in short time they will no longer be underwater. In the interim they still derive the mortgage deduction benefit.

Some folks sadly can't afford their payments and may lose their homes. Some banks will lose money.

If contracts become arbitrarily unenforceable, all parties seeking a mortgage will have to pay higher rates.

Economics is a cruel mistress.


Obama’s culpability in the cramdown failure « Later On
Pingback posted May 8, 2009 @ 4:47 pm

[...] was one of the disappointments, but I guess he wants to stay friends with the financial industry. Mike Lillis of the Washington Independent: Though mortgage bankruptcy reform has been a central component of the Obama administration’s [...]


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Comment posted May 9, 2009 @ 6:20 am

I hope malthus has a debilitating illness that financially ruins him and causes him to lose his house. Maybe then he won't be so smug. Life will then be a cruel mistress for him too.


Drunk With Ink › The United States of Banking and Serfdom
Pingback posted May 10, 2009 @ 9:04 pm

[...] is what I sincerely hope happend) or caved in to Banking and Mortgage Industry lobbies.  They made no push to get this passed.  The administration meakly stated they were for the measure, even though it had been one of [...]


Obama’s culpability in the cramdown failure | jim justice
Pingback posted May 11, 2009 @ 4:55 am

[...] but&#32&#73&#32guess he wants to stay friends with the financial &#105&#110&#100ustry. Mike Lillis of the Washington Independent: &#10&#84&#104ough mortgage bankruptcy reform has been a central&#32&#99&#111mponent of the Obama [...]


Wonk Room » Warren: Without Cram-down, ‘There’s Nothing’ In Treasury’s Plan To Address Underwater Mortgages
Pingback posted May 11, 2009 @ 4:58 pm

[...] housing bill that passed the Senate last week also doesn’t provide “significant help” for underwater homeowners. And while the declines in housing prices aren’t falling [...]


ivywalkon
Comment posted May 16, 2009 @ 11:02 am

What's wrong with interest rates raising? What happenned to the idea that banks and mortgage companies were profiting on overvalued assets? Isn't a rise in interest rates needed to solve the financial industries real problems? Undercapitalization?


ivywalkon
Comment posted May 16, 2009 @ 6:02 pm

What's wrong with interest rates raising? What happenned to the idea that banks and mortgage companies were profiting on overvalued assets? Isn't a rise in interest rates needed to solve the financial industries real problems? Undercapitalization?


Band of House Dems Revisits Cramdown | The Lie Politic
Pingback posted July 12, 2009 @ 4:53 am

[...] it would provide a vital stick to accompany the financial carrots it was offering lenders — grew silent on the issue. Without a push from the White House — and with enormous opposition coming from the finance [...]


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Pingback posted August 4, 2009 @ 1:02 am

[...] support for cramdown earlier this year. Although the House passed its version of the bill in March, the absence of White House backing led to the Senate defeat of Durbin’s cramdown bill in April. More recently, White House officials told Congress that they have all the tools they need to [...]


AndyKroll.com » The Government’s Foreclosure Rescue Mirage
Pingback posted August 26, 2009 @ 7:46 pm

[...] allowing bankruptcy court judges to modify mortgage terms, an option called “cramdown” that the Senate rejected earlier this year. Jack Guttentag, professor of finance emeritus at the Wharton School of the [...]


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[...] does try to change the status quo, but on other issues — like taxing business profits, and mortgage bankruptcy reform — is unsatisfied with the status quo but has no appetite to pick a [...]


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Pingback posted October 26, 2009 @ 12:06 pm

[...] out banks still aren’t required to modify the mortgages of homeowners who face foreclosure. Unable to take their mortgage to bankruptcy court, homeowners just have to cross their fingers that banks feel enough political/social pressure to [...]


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Pingback posted January 22, 2010 @ 12:10 pm

[...] the housing market, which, after all, is where this whole economic fiasco arose. The administration chose not to push for mortgage cram-downs, which would have helped with this problem, and hopefully it has learned [...]


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Pingback posted January 22, 2010 @ 11:59 pm

[...] the housing market, which, after all, is where this whole economic fiasco arose. The administration chose not to push for mortgage cram-downs, which would have helped with this problem, and hopefully it has learned [...]


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Pingback posted February 10, 2010 @ 9:47 pm

[...] inconsistent in the fight over financial reform. He’ll make strong proposals one day (judicial cram-downs to help homeowners in foreclosure, for example) and then leave them to die without his support in [...]


The Foreclosure Rescue Mirage: How the government’s flagship homeowner relief program hangs borrowers out to dry. « Bear Market News
Pingback posted March 26, 2010 @ 3:19 pm

[...] allowing bankruptcy court judges to modify mortgage terms, an option called “cramdown” that the Senate rejected earlier this year. Jack Guttentag, professor of finance emeritus at the Wharton School of the [...]


white house foreclosure plan « Uncategorized « foreclosures web
Pingback posted June 21, 2010 @ 1:52 pm

[...] 3.White House Silence Paved Way for ‘Cramdown’ Crash « The Though mortgage bankruptcy reform has been a central component of the Obama administration’s foreclosure prevention strategy, the White House all but abandoned the proposal in the days leading up to last week’s Senate vote, … And in February, Obama unveiled a $75 billion anti-foreclosure plan, [...]


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Comment posted September 2, 2010 @ 3:09 pm

Let me point out something however. The banks will not be successful in this endeavor unless they actually have properties going to foreclosure sale; a LOT of properties going to foreclosure. The banks won't achieve the foreclosure numbers it needs to make this policy work with a broad policy of encouraging loan modification. It seems transparent that this is why recently so many of my colleagues and their clients are failing to achieve en masse positive modification results.


netflickstrial.com
Comment posted September 17, 2010 @ 8:08 pm

I wonder how much in assets and deposits that is? But there are over 7000 commercial banks in this country. Many are struggling to various degrees and writing down losses, or cutting back. A lot of banks are taking on water while trying to plug the leaks and stay afloat. Maybe in another three months, if the economy stabilizes, banks will be in a better position to absorb more loss.


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Obama Strikes Out |
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