Normally, a mortgage is a private contract between lender and homeowner. The role of government is to ensure a fair process. But these are not normal times: Mortgage delinquencies and potential defaults are increasing quickly, primed by the industry's immoral practices, lower credit quality and adjustable-rate mortgages.

Senate Banking Committee Chairman Christopher Dodd told Bloomberg News last week that at least 2.2 million mortgages are at risk of default and Congress "may need to do something much more quickly to provide some protection or you could end up with a lot of poverty and blight."

Economist Nouriel Roubini says too little "sensible" government regulation of mortgages is the reason for this "financial crisis whose cleanup and bailout costs will make the S&L bailout bill look like spare change."

Already the credit climate is changing and that will make it harder for some families to qualify for loans -- unless they save more money for downpayments. One thing the government can (and should) do is encourage more personal savings and support better credit education. For example, the National Urban League proposes Individual Development Accounts for Homeownership, setting aside savings for the future purchase of a home.

At least Congress ought to find a way to make it easier for those most at risk of losing their homes to refinance and then repay their existing loans.

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