Allowing bankruptcy judges to deal with mortgage debt has always been the most sensible way to deal with the foreclosure crisis in a way which allows people to keep their homes without reinflating the bubble. Hopefully it really passes. In the old regime of 10%+ down, ability to pay, and 30 year fixed rate mortgages exempting mortgages from bankruptcy probably had a certain logic to it, but there's no reason that all of these "exotic" mortgages should be. Hopefully it actually passes.
Brad Miller has been pushing for this for some time.
