Cramdown Legislation Hits Senate Roadblock

"A hotly-contested legislative proposal that would allow bankruptcy judges to modify mortgage debt in certain bankruptcy cases appears to be losing momentum in the U.S. Senate, various sources said this week. So-called ‘cramdown’ legislation, which passed a key vote in the House of Representatives in early March, has been facing much stiffer opposition in the Senate and has forced the Senate bill’s primary sponsor, Richard Durbin (D-IL), to back away from a harsher stance he had taken with respect to the cramdown proposal."