Word: laws
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...Despite his grass-roots support, it's uncertain if Williams can muster a council majority next month to pass the ordinance, which would likely be the first such law to emerge amid the Great Recession. (A Pennsylvania judge last year mandated a program in Philadelphia that requires lenders there to at least participate in a modification-mediation process before resorting to foreclosure.) John Mechem, spokesman for the Mortgage Bankers Association in Washington, D.C., argues the ordinance is "ill-conceived" because it would "encourage banks not to do business [in] the city, which would limit competition." But even if it doesn...
...running for U.S. Congress next year, says the banks still need a push. In an editorial last week, the Miami Herald also broached the subject, saying that if lenders "do not step up their efforts to help stressed-out homeowners," then Congress should consider a "change in federal law that would allow bankruptcy judges to reduce the principal owned on home mortgages." In other words, if Williams can't get his law passed in his hometown, perhaps he'll have better luck later if he wins a seat on Capitol Hill...
...then quasi-banks and then companies that weren't banks at all. In his insider account In Fed We Trust: Ben Bernanke's War on the Great Panic, David Wessel details how Bernanke essentially turned himself into a fourth branch of government, exploiting a loophole in a 1932 law that gave the Fed wide latitude in "unusual and exigent circumstances" to become a virtual economic commander in chief, dropping several trillion dollars into the nation's credit jet stream without presidential or congressional input, inaugurating all kinds of unprecedented programs with obscure acronyms. His motto, Wessel writes, was "whatever...
...Malaysia operates a dual-track legal system in which Muslims are bound by Shari'a law for certain issues while non-Muslims are processed through civil courts. While alcohol consumption is illegal for Muslims according to Shari'a law, many people of the Islamic faith in Malaysia do drink, and prosecution for such a crime is rare. Perhaps fearing a backlash from Islamic officials, Kartika lodged a police report on Monday saying she is not a party to the decision to postpone the caning. "We don't want to be blamed later," she said, "[by people who might say] that...
...even it agrees to compensate the victims. For one thing, to accept responsibility for a terror attack on a U.S. target that killed 270 people might still invite reprisals - indeed, U.S. counterterrorism officials told the New York Times Wednesday that the trial had showed the limits of using criminal law as a weapon against terrorism, because the real authors of the attack remained unpunished. Read the subtext of those comments, and it's plain to see why there's unlikely to be a mea culpa from Colonel Ghaddafi anytime soon...