Senate Action on 'Cramdown' Bill Delayed

The president and the Democratic leadership support the controversial measure.

By SHARE

Senate action on controversial legislation allowing judges to modify the terms of mortgages on primary residences during bankruptcy has apparently been delayed.

From The Wall Street Journal:

With Congress due to start a two-week recess on April 6, Senate negotiators haven't been able to lure a handful of moderates to secure the 60 votes needed to clear a procedural hurdle and get the bill through the chamber.

"It looks very likely that we will not be able to take up this housing bill until next work period," said James Manley, spokesman for Senate Majority Leader Harry Reid (D., Nev.). "We will continue to work with Sen. [Dick] Durbin and Sen. [Christopher] Dodd to ensure we have the votes when we move this bill forward."