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Economy: Housing / Mortgages and Bankruptcy #330651

CBS Evening News for Saturday, Nov 03, 1990
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(Studio: Bob Schieffer) Report introduced.

(Oklahoma City: Bob McKeown) Bankruptcy tactic of "stripping down a mortgage" to avoid foreclosure examined; case study of Oklahoma City, Oklahoma, homeowner cited as example. [Homeowner Charles THIGPEN, attorney Melinda MONNET - comment on case.] Opposition of lending institutions to this "loophole" in bankruptcy law noted. [Mortgage Bankers Association William CUMBERLAND - says stripping down can cause unforeseeable losses.] [Government National Mortgage Association Arthur HILL - comments.] [THIGPEN - talks about trying to save his house.] Possible impact of tactic on an already bad real estate market explained.

McKeown, Bob;
Schieffer, Bob

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