The U.S. Chamber of Commerce
, one of Washington's biggest business lobbying groups, just released its response to the Obama administration's $75 billion mortgage aid plan
As you'd expect, Chamber executive vice president Bruce Josten was skeptical of the aid plan, particularly the White House's support for letting bankruptcy judges modify the mortgage terms on primary residences (the so-called "cramdowns" bill
). But Josten's response also included what sounds like a subtle jab at the treasury secretary in his statement, quipping that the mortgage aid proposal "should have undergone a stress test to determine if it's ready to stabilize a major portion of our economy."
A "stress test" to determine banks' solvency was a major component
of Treasury chief Tim Geithner's widely panned speech last week, in which he provided vague details about how the administration would refine the enforcement of the $700 billion financial bailout.
Josten's full statement is after the jump.