Senate Defeats Obama Mortgage Cramdown: 51 opposed, 45 in favor

Dick Durbin is having a tough time with this mortage cramdown legislation, which he introduced in 2007. The legislation would have allowed bankruptcy judges to
alter the terms of mortages in order to provide relief to borrowers.

Despite the large Democratic majority, the Senate dealt a blow to Durbin and the Obama Administration, which strongly supported the legislation. The 39 Republican opponents were joined by 12 Democrats.

Food for thought!

Source: Bloomberg News