
If you think the bank lobbyists don't have any clout, think again. This time they beat down Congress on the new housing legislation. President Obama just looked the other way.
What is this all about anyway? When President Obama signed the Helping Families Save Their Homes Act, there was a big and important piece of the bill missing. If you recall, President Obama tooted his horn about the housing bill, but he did not ensure that it had a "cramdown provision" in it, a provision that would have given judges the power to lower the amount owed on a home loan.
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