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Essay: A New Proposal for Loan ModificationsChristopher J. MayerColumbia Business School - Finance and Economics; National Bureau of Economic Research (NBER) Edward R. MorrisonUniversity of Chicago - Law School Tomasz PiskorskiColumbia Business School - Finance and Economics January 2009 Yale Journal on Regulation, Vol. 26, No. 2, pp. 417-429, 2009 Abstract: We propose a new three-pronged plan to address the recent harmful flood of foreclosures. Our plan would address the major barriers that inhibit the ability of third-party servicers to modify mortgages the way portfolio lenders are now doing with greater success. The plan provides greater compensation for servicers to perform their duties, removes legal constraints that inhibit modification, and addresses critical second liens that often get in the way of effective mortgage modifications. Our plan has more modest costs than competing plans and is likely to be the most effective while still protecting the rights of investors in mortgage-backed securities.
Number of Pages in PDF File: 13 Accepted Paper SeriesDate posted: October 26, 2011Suggested CitationContact Information
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