Monday, January 12, 2009

I thought the courts should enforce contracts

not rewrite them:
Federal bankruptcy judges say they are eager to have the power to restructure mortgages for struggling debtors because it could save hundreds of thousands of homeowners from foreclosure.
I know several judges personally, though none are federal bankruptcy justices. I hope the latter have an economic clue, because the former do not.

This will extend the housing recession, by deferring the market touching bottom for even longer, and killing more jobs in the duration while delaying the rebound of home prices and construction jobs.

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