President Obama is wary about loading up his economic recovery package with reforms that might scare away potential Republican supporters. And as we noted yesterday, Sen. Dick Durbin’s foreclosure prevention measure is one of the primary casualties.

It’s a frustrating spectacle, particularly when, as Rep. Jerrold Nadler (D-NY) said last week,”I don’t think you’re going to get a lot of Republican votes anyway.”

Meanwhile, the benefits of Durbin’s so-called “cramdown” measure are crucial. Via the Washington Independent’s Mike Lillis, comes this new Credit Suisse report explaining the impact:

We expect the bankruptcy plan will provide about a 20% reduction in foreclosures. This is based on our belief that many delinquent loans are too far underwater relative to borrowers’ income, many properties are empty, and many borrowers wouldn’t want to go through the onerous bankruptcy process.

Lillis goes on to note that the Center for Responsible Lending estimates that more than 6,000 homes will be foreclosed for every day of 2009, adding: “So for each day the Democrats delay, by these numbers, 1,200 folks could have saved their homes.” But because of the banking lobby’s strength and the need to win marginal Republican support for the stimulus package, Durbin's proposal is off the table for now.

As Nadler predicted, Republicans are going to bash the stimulus as excessive government waste regardless of such concessions from the White House (even if it means fudging the facts to bolster their argument). Caving early on key reforms is unlikely to result in much GOP support. It’s a reality that Obama should acknowledge.