The ‘Phants in the Senate are threatening a filibuster, and the white house is threatening a veto over the Senate’s bill modifying bankruptcy laws to allow a judge to modify the terms of a loan on a primary residence.

Today, you can do this on your yacht, or your vacation home, or your rental property, but not on your loan.

Allowing so-called “cram downs” will not fix the problem, but it will make it better, and it will land squarely on the shoulders of the lenders who were the worst actors in this debacle.