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Citi Throws Weight Behind Cram-Downs

Jan 09, 2009By

In a move that clearly caught much of the financial and mortgage markets by surprise late Thursday, Citigroup, Inc. [stock C][/stock] agreed with key legislators on a plan that would allow bankruptcy judges to modify the terms of mortgages during debt restructuring. The move is a surprising break from the financial industry’s long-standing and strong stance against allowing so-called mortgage debt cram-downs.

3d rendering of a row of luxury townhouses along a street

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