Foreclose on families in order to save them

Paul Krugman, in an op/ed for the New York Times, describes the subprime mortgage relief plan unveiled by the Bush administration as not “mainly intended to achieve real results. The point is, instead, to create the appearance of action, thereby undercutting political support for actual attempts to help families in trouble,” specifically, in fact, to undermine pending “legislation that would give judges in bankruptcy cases the ability to rewrite mortgage loan terms.”

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