For the second time in as many weeks, the New York Times tries to make sense of the nation's housing crisis and editorializes in favor of expanded bankruptcy protection and against "voluntary" efforts to forestall further foreclosures and foster re-financings, but it flies in the face of the facts:
Most important, Congress must not continue with efforts that have not worked to date, namely, appeals to the mortgage industry to act voluntarily to help distressed borrowers. Instead, lawmakers should allow bankrupt homeowners to have their mortgages modified under court protection.