Durbin Considers Cramdown-Related Amendment As Part Of Wall Street Reform

[laughingliberal]

Senate Majority Whip Dick Durbin (D-Ill.) is considering amending Wall Street reform legislation to allow something similar to judicial modification of mortgages, a process known informally as "cramdown."

"We are looking at variations on that theme that might achieve that same result and I haven't made a final decision on whether we'll offer it on this bill yet," Durbin said on a conference call with reporters Monday. "We are considering some variations on that but they haven't been solidified as of today. I just want to see if the support is there."

A Durbin staffer said Wednesday that if Durbin does in fact offer a cramdown amendment, it will be different from a previous version of cramdown that failed spectacularly last year in a Senate vote after passing the House.

It was after that vote that Durbin famously said of the Senate that banks "frankly own the place." <snip>

More at link: http://www.huffingtonpost.com/2010/05/05/durbin-considers-cramdown_n_564283.html

I would welcome an amendment for this.