Yesterday’s Townhall.com ran a column by Anne Flaherty on Barney Frank’s threat to revive legislation that would let backruptcy judges rewrite mortgages (to prevent foreclosures) if banks did not voluntarily prevent more foreclosures.  If the banks were not under pressure from Congress and the Federal Government to issue sub-prime mortgages, the number of foreclosures would be considerably less–shouldn’t Congress take some responsibility for the number of foreclosures?

Rewriting mortgages in backruptcy court goes against basic contract law.  Theoretically, when you sign your mortgage contract (be it fifteen, twenty, or thirty years), you and the bank assume that agreement will be valid for that entire time frame.  Under contract law, it should be.  Barney Frank is one of the people responsible for the mortgage crisis–there is no way we should even consider giving him input on finding a solution!