Serious! Stones the size of cookie jars!
This from the American Bankers Association:
As part of an agreement reached Thursday with key Senate and House Democrats, Citigroup has agreed not to oppose legislation that would allow bankruptcy judges the authority to modify mortgages that were set up prior to the enactment of the bill. “The ABA has consistently opposed proposals that would give bankruptcy judges broad authority to unilaterally modify the terms of mortgages,” the bank lobby wrote in a statement. The majority of ABA’s members are banks with less than $125 million in assets.
Now for the quiz. Who should be ashamed here?