The nation faces a foreclosure crisis of historic proportions, and there is an understandable desire on the part of the federal government to "do something" to help. House Judiciary Chairman John Conyers's bill, which is moving swiftly through Congress (and companion legislation introduced by Sen. Richard Durbin) would allow bankruptcy judges to modify home mortgages by reducing both the interest rate and principal amount on the loan. This would be a profound mistake. Click here for the articleSince when did judges have the right to void any contract? Is this still America, or have I waked up in some strange place where laws mean nothing at all?
A mortgage is a contract. How is it that a judge should have the power to set the contract aside? If it's okay to set aside contract law, which law will it not be okay to set aside?