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1A restructuring of debt that creditors are required to accept as part of a bankruptcy arrangement:‘a judge would be empowered by federal law to execute a cramdown on them’
- ‘The equity holders, prior to any plan vote and accompanying cramdown, are still the owners of American and their approval is necessary for a merger.’
- ‘The bankruptcy provision - often referred to as "cramdown" - is a key component of the Obama administration's housing initiative, but it worries moderate Democrats in both chambers.’
- ‘If they've been unwilling to accept a cramdown up to this point, I see no reason for a bank to take the deal in the first place.’
- ‘And no one but a blithering idiot would write new mortgages when there is every likelihood that a future judge would be empowered by Federal law to execute a cramdown on them.’
- 1.1[mass noun] The legal authority for courts to impose a restructuring of debt in a bankruptcy arrangement despite objections from creditors:‘cramdown is not available for a residential first mortgage’
- ‘"I strongly support cramdown, but we'll see what happens on the Senate floor," said Pelosi.’
- ‘Trade groups representing all quarters of the financial services industry pressed lawmakers to reject the measure and their warnings about the harmful impact of "cramdown" seem to have swayed many Democrats.’
- ‘If the government were to raise taxes on the 1%, tax capital gains as income, make student debt dischargeable in bankruptcy, pass cramdown, enforce laws against fraud and hire more regulators across the board at more sustainable salaries, the growth would be astonishing.’
- ‘"It would be a terrific bill if we had cramdown in it and it'll still be a good bill if that's not in it."’
- ‘Apparently, the "compromise" is to only apply cramdown to subprime mortgages.’
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