Unless U.S. Treasury Secretary Henry Paulson's first stab at a $700 billion rescue of the global financial system is revised to incorporate restructuring troubled mortgages, it will be neither fair nor effective. Paulson's draft legislation attempts to rescue the balance sheets of Wall Street but does almost nothing for homeowners on Main Street. That's a fundamental flaw. The U.S. housing market won't recover without restructuring of underlying mortgages that are troubled. Global credit...