MoveOn Takes Up Cram-Down

With record numbers of foreclosures looming, consumer advocates had hoped Congress would make it easier for people in bankruptcy to have their home mortgages modified. But the Senate rejected an amendment, known as “cram-down” legislation, on a 45 to 51 vote, with a dozen Democrats voting against the measure.

The liberal group MoveOn.org has now targeted some of the “no” votes in a series of ads that point out how much campaign money those Democrats got from the financial industry.

We looked into the details of MoveOn’s ad and found it got its numbers right on campaign contributions. Read our full item for more details.

President Barack Obama also supported the cram-down legislation, and the Senate vote against is not good news for him. We moved the meter on his Promise No. 313, “Allow bankruptcy judges to modify terms of a home mortgage,” to

Stalled

.