Monday, February 23, 2009


I don't know what the chances of this getting through the Senate are. Obama supports it, though I'm not sure how much he'll push for it to pass. It really is the best "solution" for the foreclosure crisis. It isn't painless for either side, and it gets around concerns by mortgage servicers about how much authority they have to renegotiate loan terms.

WASHINGTON, Feb 23 (Reuters) - U.S. House Speaker Nancy Pelosi said on Monday Democratic leaders hoped to bring mortgage bankruptcy legislation known as the "cramdown" bill to the House floor on Thursday.