Yesterday, Citigroup came forward in a deal with Senate leaders to support legislation that would allow bankruptcy judges to alter home loans in an effort to prevent foreclosures. Other lenders are expected to follow. The so-called “cramdown” proposal has been kicked around for a while now but has not yet made its way into law. It appears as if the legislation to make this change will find its way into President Elect Obama’s stimulus package and may become law soon.
Stephen Covey says “seek first to understand, then to be understood.” This principle governs my team meetings with my staff where we always open with a sharing of: What are the Banks Saying Right Now?
Regardless of whether you voted Red or Blue yesterday, there is no doubt that today is a moment of great Change for our country. The American people spoke loudly and clearly that a new direction is needed in Washington and throughout this great nation.
WOW!!! Lot’s of exciting things to write about this week. Many of you have written wondering where I was last week. I was not writing here, but we were going non-stop from early morning to late at night at The Live Short Sale Breakthrough Event. There is a lot I want to tell you about – it was an amazing experience . . . great deals . . . great ideas . . . great people . . . and, yes – great Breakthroughs. I’ll tell you more about Breakthrough later, but first, there has been a lot of action in Congress today that you should know about.
