November 21, 2008
Foreclosure Prevention and Modifying Mortgages
In light of the subprime mortgage crisis, which lead to the credit freeze, which has dominoed into a full-out global market meltdown, I thought it would be interesting to talk to someone actually "working on the ground" to prevent foreclosures and keep people in their homes.
This curiosity lead me to Rebekah Cook-Mack, a Skadden Fellow working in the Foreclosure Prevention Project at South Brooklyn Legal Services. You can listen to our podcast interview at The Slippery Slope or download it from iTunes.
Of particular interest to readers of this blog may be our discussion of renegotiation of mortgages to make them more affordable -- which is, really, a matter of contract modification. Topics also include how New York's court system has created mechanisms to encourage mortgage modifications, predatory lending practices, and whether government bailout money should be used to guaranty homeowners' repayment of renegotiated mortgages.
[Meredith R. Miller]
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