Mortgage Modifications in Bankruptcy Would Undermine Homeownership, Prevent Few Foreclosures

Allowing judges to discharge mortgage debt in bankruptcy and rewrite repayment terms would put homeownership out of reach for many Americans, especially those of lesser means; deal a blow to banks and other lenders at a time when many are faltering, thereby undermining government efforts to increase stability in that sector; and prevent few foreclosures while harming those it is intended to protect.

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