In what strikes me as a pretty major change of heart, Citigroup has signed on to Illinois Democrat Dick Durbin’s effort to give bankruptcy judges the power to rewrite the terms of mortgages. Reports the WSJ: The cramdown bill would apply to all mortgage loans, including but not limited to subprime loans, written any time [...]
UPDATE: Justin rings in with a story on Time.com. The spate of retailers reporting devastating December sales this morning provided a nice backdrop for President-elect Obama’s speech in Virginia about why we need to spend another $775 billion to fix the economy. About 40% of that sum comes in the form of tax cuts, but [...]
