“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, 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)” by Andrew P. Morriss