TheRealDeal - Will new mortgage modifications plan work?

Description: CNBC looked last week at whether new proposals to give judges the power to rewrite mortgages will help to resolve the housing crisis. Yale professor John Geanakoplos and CNBC's Diana Olick discuss these proposals and the way mortgage modifications are handled. Olick said that the system is too overloaded already for the new plan to have much effect, and Geanakoplos said the government needs to hire bankers to make decisions about mortgage servicing.

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