Insane

clipped from www.thedailybeast.com Under his plan, judges can order banks to back off from foreclosure if a family is late on its mortgage payments. That payment can be put off indefinitely or lessened to the point so that the mortgage holder can afford not to lose his home. Sounds good right? “This is insane,” the money manager told me. “They are abrogating contracts. No one is trading these bonds and no one will if they think a judge can simply tell a mortgage holder he doesn’t have to pay what he owes.” To this money manager and many others I speak to, the mortgage cramdown is just one of many contradictions in the economic policies of the Obama team. Part of the reason Treasury Secretary Geithner has received such low marks so far is that he hasn’t produced a plan to save the banks that are still holding more than $1 trillion in bad mortgage and real-estate debt. It’s the reason the banks still aren’t lending money