Foreclosure filings in November were 28 percent higher than a year earlier and some 12 million Americans now have mortgage balances bigger than the market value of their homes.

11月份缴不出房贷而被没收的比例比一年前高出百分之28，现在大约有1200万美国人的房贷欠款超过他们住房的市场价值。

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For each foreclosure on a street block, it reduces the value of all homes on that block by almost 1.5 percent, he said.

他表示，在每一个街区，每一处房产被收回，该街区的所有住宅的价值就会下降1.5个百分点。

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Research examining the impact of cramdown on agricultural loans found that banks usually got more than foreclosure value on reorganised loans, and that interest rates scarcely rose.

ECONOMIST: Economics focus

"The investors who own these loans recognize that foreclosure is costly, and that a workout plan or mortgage modification often brings them greater value than foreclosure, " he says.

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If mortgages could be written down to a value above the likely foreclosure sale price, that would generate benefits for both creditor and borrower.

ECONOMIST: Economics focus