This is the debate question. Please provide RFERENCE for work citation.

Beginning in 2008, the United States as well as many other countries - saw a large number of foreclosures of the homes of due to homeowners who had either fallen behind on their mortgage payments or who owed more money on their home than the quickly depreciating value of their residence. Many legal scholars and elected officials have argued that judges should have the ability to modify the terms of contracts in order to help restructure such mortgages to assist troubled homeowners. However, there is significant dissension on this point;, as many have argued that the terms of a contract are sacrosanct and that judges should not be able to fundamentally rework the terms of a mortgage contract between a lender and a borrower. Discuss your position on this issue, with special attention placed upon the policy consequences of empowering judges with the ability to modify troubled mortgages even up to the point of and including reducing the principal owed on the value of a property.

This question is taken from the following book.

The Legal Environment of Business: Text and Cases - Ethical, Regulatory, Global, and Corporate Issues Author(s):Cross, F. B., & Miller, R. L. Publisher:CengagePublishers Edition/Year:11^thedition/2021