What's the Big Deal About Cramdowns?

Here's an educational and eminently sensible take on the debate about mortgage "cramdowns," the judicial practice of writing down home mortgages to actual value. The practice amounts to a bailout for struggling homeowners, and saves multiple affected parties from foreclosure, which doesn't help anybody. Rick Santelli is famously against this type of government action (and Jon Stewart is famously against Rick Santelli). Obama seems to understand pretty well that nobody benefits from foreclosures.

So where does that leave the U.S. Senate? We will wait and see.