Housing Crisis: Republican Extremists Were The Odd Man Out Last Night

The House passed by a hefty 272-152 margin a bill to assist homeowners facing foreclosure and to prevent the collapse of Fannie Mae and Freddie Mac (at the cost of $25 billion). Bush had vowed to veto the bill but after he was caught on camera in a mini-Macaca moment, saying the housing crisis was just a matter of Wall Street getting drunk, he hauled up the white flag and promised to not veto. That still didn't stop the most radical right extremists of the Republican House caucus from voting against the carefully crafted legislation. Among the Republicans who were perfectly willing to see foreclosures-- based predominantly on GOP ideologically driven anti-regulatory legislation-- make millions of Americans homeless, were all the usual suspects:

Michele Bachmann (R-MN)
Brian Bilbray (R-CA)
John Culberson (R-TX)
Charlie Dent (R-PA)
Thelma Drake (R-VA)
Tom Feeney (R-FL)
Randy Forbes (R-VA)
Scott Garrett (R-NJ)
Virgil Goode (R-VA)
John Kline (R-MN)
Randy Kuhl (R-NY)
Michael McCaul (R-TX)
Patrick McHenry (R-NC)
Steve Pearce (R-NM)
Dave Reichert (R-WA)
Dana Rohrabacher (R-CA)
Mean Jean Schmidt (R-OH)
John Shadegg (R-AZ)
Tim Walberg (R-MI)
Frank Wolf (R-VA)
Don Young (R-AK)

Republicans were still slandering homeowners as "irresponsible" and refusing to face up to their own faults as lawmakers for creating this predatory lending environment that has devastated the economy. I asked Sam Bennett, the Blue America-endorsed candidate in the Lehigh Valley against garden variety rubber stamp Charlie Dent, why Dent voted in such a blatant way against the interests of his constituents. She warned me not to fall for the media hype about him being a "moderate" or an "independent" and to look at his actual voting record. I did and I was confronted with the record of someone who almost never veers away from the party line, especially not when it concerns GOP donors. So far this year the real estate industry and commercial banks have donated over $50,000 to Dent's re-election campaign. "Today's bill," said Sam, "was a positive, bipartisan effort to keep working families in their homes. Even President Bush said he would support it. Charlie Dent should be think about what's in the best interests of the Pennsylvania families who are going through a critical period. More than 270 members of Congress, from both parties, voted for this solution... I know from personal experience when I was once a single mom how hard it is to make the mortgage payment, pay the heating bill and put food on the table. We’re in a serious economic downturn and have to do whatever we can to change the direction of this country and keep working families in their homes. I’m disappointed in Charlie Dent’s vote against necessary tax relief and refinance assistance for the people of the Lehigh Valley."

Aside from giving the Treasury Department the authority to protect Fannie and Freddie, the bill will help hundreds of thousands of families avoid foreclosure with affordable government-insured loans. The Bush Regime hates the grants to local governments giving them the resources to buy and refurbish foreclosed properties-- this heading off urban blight-- but he agreed to sign it anyway. A couple of dozen Republicans frightened of losing their seats in November gave up their usual reflexive anti-family/anti-worker/anti-consumer postures and voted with the Democrats. The aisle-crossing routine is unlikely to save the flagging careers of Republicans like Mary Bono Mack (CA), the Diaz-Balart Brothers (FL), David Dreier (CA), Robin Hayes (NC), Ric Keller (FL), Joe Knollenberg (MI), Ilean Ros-Lehtinen, even Adam Putnam (FL). Alan Grayson, who lives in Orlando and is running against notorious Bush rubber stamp Ric Keller who did what he almost never did-- voted against the extreme right GOP position. I asked Alan what he thought about Keller crossing the aisle and voting with the Democrats. He laughed and said "You know you can't vote for corporate interests year after year and then vote on the side of families once just before election and expect anyone to send you a thank you card."


UPDATE: THE SCOTT GARRETT CONNECTION

Garrett, the last of the far right extremists still representing a northeastern congressional district, was one of the Republicans to oppose the bipartisan housing bill. But Garrett has a special connection with the real estate bubble that few other members of Congress can boast. Like many Republican legislators, Garrett, who worked diligently to wreck the federal regulatory apparatus that has been protecting consumers and workers since John McCain was just a small child, took large "contributions" from the subprime mortgage villains, particularly a $5,000 "donation" from Countrywide. Garrett has financed his political career with massive infusions of cash from the insurance industry ($251,819), the investment industry ($202,657), commercial banks and other financial businesses ($171,450), and the real estate industry ($158,450)... all while serving as a member of the House Financial Services Committee. But even large sums like that-- in just 3 terms-- isn't so out of whack with what other corrupt politicians take from Big Business. But Garrett went one step further. He actually hired, as his chief of staff, a lobbyist for Countrywide Financial and Washington Mutual, two of the firms that most "benefitted" from Garrett's anti-regulatory jihad... and two of the firms that have been most responsible for the economic chaos and collapse in the banking and real estate sectors.

One of Blue America's finest endorsee's, Dennis Shulman, has taken note of the special relationship between his opponent and the authors of so many financial problems for so many citizens in North New Jersey. "Reckless unregulated activity by banks like Washington Mutual and Countrywide Financial has thrown America's financial system into crisis.

"Voters need to ask themselves-- who let this happen, and why? Scott Garrett sits on the House Financial Services Committee, and specifically its Housing subcommittee, and yet he was so out of touch as to term the economy 'good' in 2008. And it was 'good' for him-- Scott Garrett bankrolls his campaigns with hundreds of thousands of dollars from disgraced financial services companies like Countrywide Financial.

"We cannot let foxes guard the henhouse, and yet Scott Garrett is using our taxpayer's money to hire a former lobbyist for Washington Mutual and Countrywide Financial to serve as his chief of staff.  The corrupt revolving door culture of Washington, where corporate special interests get what they want and hard working families are left behind, needs to end. That is why I vow, when elected, to forego all corporate special interest funds from companies with business before my committees."