Thursday, January 08, 2009

Sovereign Nation? 3rd House of Congress?

I'm not entirely sure why Citigroup gets to bargain with senators, but this might be moderately good news.

WASHINGTON (AP) -- Democratic lawmakers have reached a deal with Citigroup Inc. on a plan to let bankruptcy judges alter home loans in an effort to prevent foreclosures and said they expected other lenders to follow.

The lawmakers said Thursday they aim to attach the plan to President-elect Barack Obama's economic stimulus legislation.

The compromise between New York-based Citigroup and Sens. Richard Durbin of Illinois, Charles Schumer and Christopher Dodd of Connecticut, would be limited to loans made before the bill is signed. Obama has said he backs the concept.