White House signals it still wants some version of cramdown passed

[Aloha Spirit]

From a Statement of Administrative Policy to the Senate, yesterday:

"The Administration also supports appropriately tailored bankruptcy legislation to provide a
mechanism for homeowners who are out of other options to file for bankruptcy and implement a
responsible plan to pay the debts that they are able to pay. Notwithstanding the Senate vote on
the Durbin Amendment, the Administration looks forward to working with the Congress to
address this issue. "

http://www.whitehouse.gov/omb/assets/sap_111/saps896s_20090501.pdf

This is all posted over at the Office of Management and Budget (big Orszag fan here).
http://www.whitehouse.gov/omb/111/legislative_sap_date/

If you ever want to know what are the White House's legislative goals, Orszag is the person to follow.

[Thothmes]

1. If he can bribe more elected representatives

than the mortgage industry he may get his wish.

[Laelth]

2. Sadly, that is the solution.

I hope he can do it.

:dem:

-Laelth

[HopeOverFear]

3. kick and rec for Orszag!

[Aloha Spirit]

4. woohoo!

nerd power!

His blog was better at the CBO...I guess he's real busy or something.
He did give a shout out to behavioral economics though recently

[Better Believe It]

5. How much weaker than Durbin's will it have to be to satisfy Wall Street?

After all, we can't take on Wall Street and their political whores when they seem to be running the show.

Perhaps if we give Wall Street financial interests another trillion or so in taxpayer money they and their politicians might agree to a very modest bill to "help" homebuyers.