| Policy may also encourage lender renegotiation by giving more bargaining power to borrowers in these instances, through legal procedures such as bankruptcy and cramdown. |
| Instituting a policy of mortgage cramdown during the midst of the crisis would have reduced the remaining flow of private sector mortgage finance. |
| And no one but a blithering idiot would write new mortgages when there is every likelihood that a future judge would be empowered by Federal law to execute a cramdown on them. |
| The equity holders, prior to any plan vote and accompanying cramdown, are still the owners of American and their approval is necessary for a merger. |
| If they've been unwilling to accept a cramdown up to this point, I see no reason for a bank to take the deal in the first place. |
