Ever heard of a cramdown? It’s when a bankrupcty court splits a home loan into two parts: a secured loan that’s equal to the current value of the home, and an unsecured loan that covers the rest of the outstanding debt. The secured loan is paid, and the unsecured isn’t. It can result in lower monthly payments (if the new loan amount is amortized over the course of the loan), but the important part is that it helps guarantee that a significant part of the loan will still be paid off.
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No-Swipe Credit Cards Pose Risk Says Senator
By 12.5.06
Credit cards that use RFID signals to conduct transactions could put consumers at risk for identity theft and credit card fraud, Sen. Charles Schumer, D-NY said in a press conference Sunday.
