Foundation for Economic Education » Senate Says No to Judge-Modified Mortgages

Senate Says No to Judge-Modified Mortgages

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“The Senate handed a victory to the banking industry on Thursday, defeating a Democratic proposal that would have given homeowners in financial trouble greater flexibility to renegotiate the terms of their mortgages…. The mortgage provision … would give bankruptcy judges greater flexibility to modify mortgages.” (New York Times ^[1], Friday)

A blow for the sanctity of contract.

FEE Timely Classic
“Why Classical Liberals Care about the Rule of Law (And Hardly Anyone Else Does)” ^[2] by Andrew P. Morriss

Article printed from Foundation for Economic Education: http://www.fee.org

URL to article: http://www.fee.org/articles/in-brief/senate-judgemodified-mortgages/

URLs in this post:

[1] New York Times: http://www.nytimes.com/2009/05/01/business/01credit.html?_r=1&ref=todayspaper

[2] “Why Classical Liberals Care about the Rule of Law (And Hardly Anyone Else Does)”: http://fee.org/pdf/the-freeman/0511Morriss.pdf

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