Durbin Bankruptcy Amendment Fails

Posted April 3, 2008 at 3:41pm

An amendment by Senate Majority Whip Dick Durbin (D-Ill.) to allow bankruptcy judges to reset the terms of home loans failed 58-36 Thursday afternoon.

On the Senate floor Thursday, Durbin acknowledged the stiff opposition to his bankruptcy amendment to the bipartisan housing bill and the unlikelihood that it will pass.

Durbin introduced the amendment Thursday morning, despite its long odds of passage. The controversial language was excluded from the compromise reached after daylong negotiations Wednesday.

“Most of the opposition was directed at my amendment,” Durbin said.

The GOP contended the proposal would discourage lenders from making future loans.