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Law Practice

May 6, 2009

BERG: President Obama's First Defeat Is Also a Defeat for Homeowners

Columnist Martin Berg writes that Congress and President Obama have lost the one stick in their arsenal to bring stem to the foreclosure crisis.

When President Obama announced his plan to stem the foreclosure crisis earlier this year, it was seen as a combination of carrots and sticks for the financial industry.

Well, one stick really.

That was the proposal for judicial "cramdowns," allowing bankruptcy judges to modify mortgage loans.

But after a fierce fight from the country's financial institutions, that stick is gone, defeated in the Senate - controlled by the president's own party - with memb...

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