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FRIDAY, NOVEMBER 27, 2009
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Congress Cashes In on Subprime Lobby

Campaign donations from housing, financial industries skyrocket

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(Newser) – The subprime crisis isn’t bad for everyone: congressmen and lobbying firms are doing great, Politico reports. Industries caught in the crunch have drastically scaled up their campaign contributions, and dozens of new lobbying firms have sprung up to cash in. Securities and investment PACs, for example, have already given more in 2008 than they gave throughout the midterm elections in 2006.

The effects of that money are on display in the latest housing bill, which includes $11 billion in tax breaks for the hard-lobbying home builders. The proposal that would have allowed judges to help bankrupt borrowers, by contrast, is on the cutting room floor. “This bill is nothing but a placebo,” said one activist.

Coldwell Banker realtor Suzanne Hunter puts a sold sign on a home that she sold in Santa Clara, Calif., on Sunday, Oct. 7, 2007.
Coldwell Banker realtor Suzanne Hunter puts a sold sign on a home that she sold in Santa Clara, Calif., on Sunday, Oct. 7, 2007.   (AP Photo/Tony Avelar)
Nancy Pelosi has argued that the current housing bill isn't consumer focused enough.
Nancy Pelosi has argued that the current housing bill isn't consumer focused enough.   (AP Photo/Kevin Wolf)
Richard Syron, chairman and CEO of Freddie Mac, answers a reporter's question in Boston in this April 27, 2007 file photo. Freddie Mac is a lobbying powerhouse, despite its semi-governmental status.
Richard Syron, chairman and CEO of Freddie Mac, answers a reporter's question in Boston in this April 27, 2007 file photo. Freddie Mac is a lobbying powerhouse, despite its semi-governmental status.   (AP Photo/Stephan Savoia, file)
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