WSJ: Cramdowns Unlikely To Be Passed Before Recess

The chances are slim that the Senate will pass cramdown legislation before Congress heads to break for two weeks starting April 6, according to the spokesperson for Senate Majority Leader Harry Reid (D-Nev.).

‘It looks very likely that we will not be able to take up this housing bill until next work period,’ James Manley is quoted as saying in a Wall Street Journal report. ‘We will continue to work with Sen. [Dick] Durbin and Sen. [Christopher] Dodd to ensure we have the votes when we move this bill forward.’

Cramdowns are one of the components found in the Obama administration's Making Home Affordable program. During his campaign, President Obama announced his support for a cramdown initiative. The bill needs 60 votes to get through the chamber.

SOURCE: Wall Street Journal

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