Senator Obama campaigned on the provision. And President Obama made its passage part of his antiforeclosure plan. It would have been a very useful prod to get lenders to rework bad loans rather than leaving the modification to a judge.
But when the time came to stand up to the banking lobbies and cajole yes votes from reluctant senators — the White House didn’t. When the measure failed, there wasn’t even a statement of regret.
Mr. Obama’s plan to keep struggling Americans in their homes now relies on lenders to voluntarily rework bad loans.
Monday, May 4, 2009
Complaining about Obama
I like Obama, but the honeymoon is over. I'm finding more and more things to be critical about. Here's a bit from an editorial in the NY Times that points out how Obama isn't living up to his campaign promises:
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