Bush Doesn?t Want Bankruptcy Law Changed

President Bush urged Congress to reject a new bill that would allow bankruptcy judges to modify the terms of home loans included in bankruptcy cases.  From the Market Watch story on the bankruptcy bill to change mortgage terms: President Bush urged Congress to reject a Senate bill that would change bankruptcy laws by allowing judges to modify the terms of a mortgage as part of the restructuring of a debt. Instead, Bush said at a White House press conference, lawmakers should approve reforms to mortgage-buyers Fannie Mae and Freddie Mac and the Federal Housing Administration. The president has a point here.  While the government clearly isn't done bailing out folks this change seems extremely dangerous to the stability of the secondary market.  If investors are worried that