Despite Numerous Compromises, the Cramdown Bill Isn't Moving

Here's the latest on Federal legislation that would remove the exception in the bankruptcy code that prevents judges from treating home mortgages on a borrower's principal residence like other secured debts- for a limited time, on only those mortgages that were originated before 2009, and only for loans under a certain dollar amount (to list a few of the limitations that have already been agreed upon by the bill's sponsors). There is no principaled argument against this legislation: it's not going to increase the cost of real estate in the future, lenders aren't going to get any less from the borrower than they would otherwise, and there are already incentives and allowances in the administration's housing plan to facilitate voluntary modifications so that people can avoid bankruptcy. What is the deal?