Posted by BTI on November 16, 2008 at 08:40:16:
In Reply to: posted by John on November 05, 2008 at 04:57:41:
John
I first encountered this term in the 1960's and it was used to describe discounting a mortgage and other liens to bring liens into balance with a sales price.
Later someone coined the term short sale which covered most cram down situations and wasn't as offensive. Of course we used discount rather then cram down when talking to a lien holder.
BTI