An agency official says it objects to allowing banks to defer tax losses for several years on the forgiven debt, as would occur under the special program.
Regulators nix credit card debt forgiveness plan
WASHINGTON (AP) - November 12, 2008 A Treasury Department agency rejected the request for a special
program that would allow as much as 40 percent of credit card debt
to be forgiven for consumers who don't qualify for existing
repayment plans.
