Sam Rayburn, a longtime speaker of the U.S. House, once said, "Every now and then, a politician ought to do something just because it's right."

Last week, 45 U.S. senators dodged an excellent chance to do just what Mr. Sam advised. At issue was a straightforward, common-sense amendment proposed by Dick Durbin, D-Ill. It would have allowed bankruptcy judges to help hundreds of thousands of financially strapped homeowners who now find themselves trapped by exploding, exorbitant ...

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