That is what today's WSJ is reporting. In short, Treasury is looking at giving some guidance that would allow borrowers and servicers to actually talk about some meaningful restructuring rather than having to wait to get to the special servicers, defaults, 1066 and All That. (The reason? Tax consequences.)
Being proactive in this crazy market is, in my humble opinion, a very good thing. The most annoying thing, according to people I know, is knowing you have a deal that needs to be reworked, only to be told, for all intent and purposes, "We can't do anything until you stop paying on the loan." Sad but true, and necessary until something changes.
But, given the scary market out there, is this move enough? I guess time will tell, sports fans.
P.S. My wife thinks my use of pseudo-Dennis Millerisms (i.e., references to books, movies, etc.) is too obscure. I'll stop if you readers tell me to. :)
