TIME, April 5, 2010 by Kevin O’Leary
http://www.time.com/time/business/article/0,8599,1977728,00.html

“Under current bankruptcy law, Porter says, bankruptcy courts have “no tools to reduce the principal, stretch out the payments or adjust the interest rate” — that is, since judges can’t adjust mortgages to make them easier to pay, people end up ditching them instead.

Bloomberg, October 8, 2009 by Bill Rochelle
http://www.bloomberg.com/apps/news?pid=conewsstory&tkr=MER:US&sid=aQZ6DBooLQAA

Katherine M. Porter said that … “bankruptcy is not effective for people whose mortgage payments are now higher than their incomes.” Porter, who’s a visiting professor this year at the University of California, Berkeley, added that bankruptcy isn’t useful for “outright poverty or income shortage.”

The New York Times, August 30, 2009 by Michael Powell
http://www.nytimes.com/2009/08/31/nyregion/31judge.html?_r=3&emc=eta1

Judges and lawyers have wondered aloud why more judges do not hold banks to tougher standards. To the extent that judges examine these papers, they find exactly the same errors that Judge Schack does,” said Katherine M. Porter, a visiting professor at the School of Law at the University of California, Berkeley, and a national expert in consumer credit law. “His rulings are hardly revolutionary; it’s unusual only because we so rarely hold large corporations to the rules.”