Congress Feels the Need To Step In And Grant Judges The Power To Rewrite Loans

With both parties in Congress voicing a new urgency to help millions of homeowners at risk of foreclosure, the Senate voted overwhelmingly on Tuesday to move forward with a package of housing legislation.

The measures in the package include an expansion of mortgage counseling, money for local governments to buy foreclosed properties, and a contentious provision that would allow bankruptcy judges to modify the terms of loans on primary residences.

The 94-to-1 Senate vote, while a procedural one, was a clear sign of a growing consensus among Congress, the Bush administration and financial regulators that further government intervention is needed to stem the crisis. The aim is to forestall further collapse in the housing and residential mortgage markets and safeguard the broader economy from a worsening downturn.

I'd love for the government to butt in and tell my boss that I deserve a raise while they're at it.