Straight Talk: Contracts upheld

Bankers, who deal with risk all the time, are perfectly suited to guide members of Congress through times of crisis. And, fortunately, that’s what happened Feb. 28 when bankers convinced the Senate that a knee-jerk reaction to the mortgage debt crisis would do a lot more harm than good. Senate leadership wanted to pass legislation that would allow bankruptcy judges to reduce the amount of debt some mortgage holders would have to repay. Banking industry advocates argued, however, government agencies should work to uphold the integrity of contracts, not work to undermine them. In a debate . . .

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