I'll never really understand why the administration didn't seriously push for cramdown. But now they're going to extra step and opposing a moratorium on foreclosures until lenders can get their shit together.
BP spills massive amounts of oil into the Gulf and the administration correctly pushed a moratorium on drilling. Why, then, in light of massive foreclosure errors by the big lenders, are they opposed to a moratorium in this industry? David Axelrod on Face the Nation:
"I'm not sure about a national moratorium because there are, in fact, valid foreclosures that probably should go forward and where the documentation and paperwork is proper," said Axelrod.
"We are working closely with these institutions to make sure that they expedite the process of going back and reconstructing these and throwing out those that don't work," he said.
The incongruity baffles me. Especially during a run-up to a difficult midterm.