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Bankruptcy Bill Backfires on Major Subprime Lenders, Everybody Else Pays the Price.

Common Cause released a couple of reports this year detailing how the subprime mortgage industry spent millions on lobbying and campaign contributions fighting legislation the may have prevented, or at least lessen the impact of, the subprime mortgage collapse. Interestingly, an earlier legislative victory by a different arm of the same industry likely exacerbated the effects of the subprime meltdown: the 2005 bankruptcy law.

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Tags: Campaign Finance Reform, Clean Elections; Subprime Mortgage, Public Financing (all tags)


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