Whats wrong with modifying seconds?
One “problem” with Bernstein’s approach is that – by focusing on the restructuring of second mortgages – he focuses precisely on the assets typically held in portfolio by the large banks identified by Amherst. To the extent that the seconds are restructured – and their value lowered – this will more directly and painfully impact large banks than would a first mortgage-restructuring plan, like HAMP. This is because second mortgages are NOT as widely distributed as firsts. Firsts have been securitized and distributed across a broad investment base, including both non-banks and banks. It would seem that despite the talk of “change,” the current Administration has NOT really budged from the prior Administration’s policy of “save the big banks.” A first mortgage modification program (like HAMP) that leaves the second mortgage untouched is not bailing out the borrower.
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