Modifying Mortgages in Bankruptcy and a Crib Sheet for Tonight's Congressional Address

As we pointed out in our events calendar for the week, Next Week's News Today - there are two key hearings on Capitol Hill today. One examining TARP, and the other loan modifications. Those hearings provide the context for President Obama's address to Congress tonight (9p ET).

Here's why you care: The first hearing examines TARP and will undoubtedly address the issue of banks needing more cash, and how the administration plans to measure both the need and effectiveness of further cash injections into financial institutions (remember as we noted yesterday the "stress tests" for banks start tomorrow). But the second hearing caught our eye because we think it might get over looked. What may or may not come up in the hearing regarding loan modifications is a bill in the House that would allow bankruptcy judges to modify loans. CNN is running a good Reuter's wire story explaining what's in the bill which may get voted on by Thursday. The story does a good job of outlining the stakes and why you care. Meanwhile, given that all of this is happening as the President prepares to address Congress, we thought it worth a mention that the Washington Post staff put together something of a crib sheet or racing form breaking down all the areas of the economy that President Obama is likely to hit tonight. It is a great graphic to use alongside tonight's speech.