Congress Reviewing Bill to Allow Bankruptcy Judges Review Terms of Mortgage Loans

Brad Miller (D-NC) and Linda Sanchez (D-Ca) have proposed legislation in the house, and there appears to be a push for this in the Senate.

It is anticipated that this could reduce foreclosures by 2 million.

One of the wierd things that I discovered in reading this is that, Judges already have this power for "Vacation homes, farms and investment properties."

But not for principal homes...Weird.

If this passes, it may save the mortgage industry from itself.