2014-01-27ml-implode.com

``... the problem is that the Pooling & Servicing Agreements ("PSAs") that govern when and how securitized mortgages may be handled in terms of modifications and principal reductions were not written to take into account the situation we face today, and have been facing since at least 2008.  He sees them as "suicide pacts" that are at this point not only preventing our economic recovery, but on a course to cause irrevocable harm to investors and homeowners as well. And he says cities need to employ the power of eminent domain to break the suicide pact and provide for the writing down of mortgage balances before it's too late. ''


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