Just a few points:

I'm not sure if phreaks meant to say "Democrats in the senate" instead of "the democratic senate," but in 2005 the Senate was Republican-controlled, not Democrat-controlled. The Committee on Banking, Housing, and Urban Affairs was similarly Republican-controlled, 11 to 9. The bill passed in the committee, and went to (I think) the committee chairman for further action. As far as I can tell, no further official action occurred with the bill until Senator McCain co-sponsored it almost a year later (the committee vote was in July of '05, Senator McCain co-sponsored it in May of '06). Senator McCain's co-sponsorship was the last major event for the bill, and it officially died with the end of the 109th Congress.

From what I could find, it was never scheduled for debate on the floor. The reason it was never scheduled could be that the Majority Leader was presented the bill and decided not to even bother scheduling it under threat of Democratic filibuster, or the bill may have simply been lost in the shuffle and never even presented to the Majority Leader (which could well explain why it was nearly a year before anybody did anything with it. Also, I'm not an expert on the Senate, but from what I can tell the bill's final status means that it was never officially presented to the Majority Leader.) The senate went on recess shortly after the bill passed in committee, and when they came back a nasty hurricane had hit New Orleans, so it would be easy to imagine other things taking priority.