amend the bankruptcy code

amend the bankruptcy code so that borrowers facing foreclosure can have their mortgages modified under court protection. That is key.

The House passed reform legislation more than a month ago. Senate Democratic leaders say that nearly all 58 members of their caucus are on board. Republican leaders say all 41 of their senators will block a vote. If they hold ranks, it would mean that senators from states hardest hit by foreclosures would help to ensure the bill’s failure — including John McCain and Jon Kyl of Arizona and John Ensign of Nevada.

Republican opposition appears to have more to do with fund-raising than principle. The American Bankers Association and other lobbies remain opposed to the fix. Sam Geduldig, a lobbyist for several banking trade associations, recently told The Times’s Stephen Labaton and Eric Dash that as a minority party, Republicans will get “professional donors and lobbyists to look at them in a different light,” if they show they can affect policy.

There might be some good news. Several powerhouse banks, including JPMorgan Chase, Bank of America and Wells Fargo, have been talking with Democratic leaders in recent days about crafting a bankruptcy fix. Democrats hope the big banks can rope in a few Republicans. The danger is the bill could be watered down.