Micah Green, a partner in the firm’s Washington office, appeared in the Wall Street Journal on January 28, 2010, in an article about how the Obama administration is trying to streamline paperwork to assist homeowners who want to lower their mortgage payments to avoid foreclosure.
As of Sept. 30, about 7.5 million households—about 14% of those with home loans—were behind on payments or in the process of foreclosure, according to the Wall Street Journal’s reporting.
any of those struggling borrowers owe far more to their lenders than the current value of their homes—a condition known as being "underwater"—and wonder whether it is worthwhile to keep paying, according to the Wall Street Journal.
Mr. Green, who represents some large investors in mortgages, told the newspaper that the administration should revamp the program to put more stress on reducing principal owed by borrowers who can show that they would be able to stay current on a smaller, refinanced loan.
In many cases, that would require the holders of both a first- and a second-lien loan to accept a write-down of the amount owed, a complicated process, Mr. Green said.