The Senate bill to allow Chapter 13 plans to modify home mortgages went down to defeat last week. I am still waiting for those who couldn’t vote for this change in bankruptcy law to propose a solution to underwater homes, adjusting rate mortgages, and neighborhoods full of bank owned homes.
Have we rejected the “good” in quest for the “perfect”? Have we knuckled to bank lobbying? Are we just too stuck in old ways of thinking that we can’t explore bolder alternatives?
I suspect my anger over this defeat will subside, but not soon as I face another week of appointments with people facing the loss of their homes. My collection of options for them remains limited.
And I’ll wait, not so patiently, for the naysayers to propose their foreclosure fix.