Why judges should not rewrite mortgage contracts

Do we really need to explain why this is a bad idea? Todd Zywicki Says a Mortgage Modification Law Could Create a Bankruptcy Crisis – WSJ.co

Mortgage modification would indeed provide a windfall for some troubled homeowners — but its costs will be borne by aspiring future homeowners, and by any American who uses credit of any kind, from car loans to credit cards. The ripple effects could further roil America’s consumer credit markets.