It looks like the corporate whore Blue Dog and New Democrat caucuses are doing their level best to kill the ability of bankruptcy judges to rewrite mortgages on primary residences. (Cram-downs)

Chairman of the New Democrat Caucus, Ellen Tauscher, that it's not fair to people not in bankruptcy who are being screwed by their banks, which is complete bullsh$#.

If people have the stick of cram-downs to wave at the banks, it makes those banks much more likely to renegotiate loans.

What's more, it only applies to loans already made, not those going forward, and, depending on draft, may only be limited to sub-prime mortgages.....It is very weak tea to begin with.

This is "I want donations from the banks" crap, and Ellen Tauscher is in a very safe Dem district, having won each election with more than 65% of the vote since redistricting.

She needs to be primaried, but according to Act Blue, she does not have a primary opponent right now.....Damn.

Cross posted from 40 Years in the Desert.