Even Worse For Cramdown

Mortgage bankruptcy reform is looking all but dead at this point. Democrats are looking like they just don't have the votes to beat a guaranteed filibuster.

On Tuesday, a key Democrat came out against the compromise bill, which would allow judges in certain circumstances to modify mortgage terms -- a process known as cramdown. Meanwhile, a second crucial Democratic vote said that he doubted the bill had enough support for his vote to decide it one way or the other.

Sen. Mary Landrieu (D-La.) spoke poorly of Durbin's compromise proposal, which is now being circulated. "I don't think it's much of a compromise," Landrieu told the Huffington Post. "My community bankers are really opposed to it and I think it's important for people to realize there is a big difference right now in the country between the health of these large international financial institutions and our local community banks...I think we gotta be careful about adopting processes and procedures that would really hurt our community banks."

Asked if she was a definite no, Landrieu responded that she was "pretty close to a definite No."

Sen. Evan Bayh (D-Ind.) wouldn't say whether or not he supported the compromise, but he nevertheless expressed deep skepticism.

"My concern about this is that in our appropriate zeal to help the four or five percent of Americans who might be faced with bankruptcy, we don't unduly raise the costs of homeownership on the 95 percent who never will," Bayh, who supported the legislation last year, told the Huffington Post.

Backers of the bill say that they are close to getting the 60 votes needed; Bayh and Landrieu are key votes needed for passage. Bayh, however, painted a much more pessimistic picture, saying that he was unlikely to be the deciding vote.

Surprise! Evan F'ckin Bayh again and his merry band of Club For Growth backstabbers!

Remember folks, the more foreclosures, the longer it takes for home prices to stabilize, and the worse the economy gets. Bayh's Boys are more worried about hurting the banks' feelings than the American homeowner.