{"id":193216,"date":"2009-01-09T00:01:00","date_gmt":"2009-01-09T05:01:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/01\/09\/citi-looks-to-endorse-cramdown-legislation\/"},"modified":"2009-01-09T00:01:00","modified_gmt":"2009-01-09T05:01:00","slug":"citi-looks-to-endorse-cramdown-legislation","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/01\/09\/citi-looks-to-endorse-cramdown-legislation\/","title":{"rendered":"Citi Looks to Endorse Cramdown Legislation"},"content":{"rendered":"<p>The news that <a href=\"http:\/\/www.reuters.com\/article\/businessNews\/idUSTRE5075JB20090108?feedType=RSS&amp;feedName=businessNews\">Citi is supporting cramdown legislation<\/a> (with some conditions) is heartening.<\/p>\n<p>However, it <span style=\"font-weight:bold;\">does<\/span> raise some questions, most notably, &#8220;Why, after being bailed out by the US government, do they have a seat at the table at all,&#8221; and &#8220;Why are they supporting this at all?&#8221;<\/p>\n<p>As to the first question, I put it down to the corruption that is Washington, DC business as usual.<\/p>\n<p>As to the second, I am sure that part of this is a desire to be in on the process to shape it in the most advantageous way possible, but I think the real interest here is that Citi manages a lot of mortgages for the holders of mortgage backed securities, and as such, <span style=\"font-weight:bold;\">they<\/span> carry much of the costs of a foreclosure process, but they carry <span style=\"font-weight:bold;\">none<\/span> of the costs of s cram-down.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The news that Citi is supporting cramdown legislation (with some conditions) is heartening. However, it does raise some questions, most notably, &#8220;Why, after being bailed out by the US government, do they have a seat at the table at all,&#8221; and &#8220;Why are they supporting this at all?&#8221; As to the first question, I put &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[998,1004,1020,985],"tags":[],"class_list":["post-193216","post","type-post","status-publish","format-standard","hentry","category-congress","category-finance","category-legislation","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/193216"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=193216"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/193216\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=193216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=193216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=193216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}