Mortgage Cram Down Bill Up In Senate

The Republican'ts are threatening a filibuster, and Bush and His Evil Minions^™ are threatening a filibuster, but the Senate bankruptcy reform bill is a decent piece of legislation.

Basically, it gives bankruptcy courts the right to modify the terms of a loan on a primary residence, much in the same way that they can for rental properties and vacation homes.

It should keep people in their homes, it will allow things like outrageous fees and deceptive loans to be modified, and it places the burden to a large degree on the purveyors of the toxic mortgages.

Needless to say, the mortgage industry hates it.