The Obama Administration promised it would soon come up with a solution for the wave of home foreclosures that is helping drag the economy under. One big obstacle: the financial -services industry. Banks that make loans, service them, and in many cases own large batches of mortgage-backed bonds have been thwart -ing efforts to address the foreclosure crisis for more than two years. Voluntary initiatives have proved paltry, and lobbyists have helped poke holes in government-sponsored programs. Now the industry is battling a plan to give bankruptcy judges more authority to modify loan terms. The fight is far from over.
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