Frank

The Logical Flaw

Oops! 

Looks like the Admin, Congress and the FASB have cross purposes. Now the banks have a real problem.  Banks can't execute mortgage mods without adjusting the values (read losses) on their balance sheets.

 

Why, after arguing for banks to have more leeway, is Congress now pushing back? Because many government responses to the financial crisis are more about manipulating prices -- and behavior -- than truly getting markets back on their feet.