BARNEY FRANK - FOLLOW THE MONEY - MUST READ FOR MORTGAGE BROKERS

POLITICAL CONTRIBUTIONS TO BARNEY FRANK

WHO'S THE BIG BAD WOLF?

What the numbers below show is that the dog and pony show that Mr. Frank put on in the hearings for legislations for protecting the little guy against the big bad mortgage brokers was all payback for the contributions he's received from the big banks.

The current salary (2006) for rank-and-file members of the House and Senate is $165,200 per year.  They have an expense account that is about equal to the pay.

 

2005-2006 PAC Contributions: $803,908
Based on data released by the FEC on Monday, June 04, 2007.
 

2007 PAC Contributions received by Representative Barney Frank as released by the FEC June 4, 2007.

Finance, Insurance, Real Estate $574,284
Labor                                 $90,498
Lawyers & Lobbyists             $56,756
Ideology/Single-Issue          $22,620
Construction                        $17,000
Misc. Business                     $11,500
Health                                $8,500
Transportation                     $8,500
Agribusiness                        $4,000
Defense                              $4,000
Energy/National Resources     $3,000
Communications/Electronics   $3,250
Energy/National Resources     $3,000

Individual Contributions
Finance, Insurance, Real Estate $172,035
Labor                                 $0
Lawyers & Lobbyists             $91,070
Ideology/Single-Issue          $67,769
Construction                        $15,000
Misc. Business                     $33,400
Health                                $7,950
Transportation                     $7,250
Agribusiness                        $1,500
Defense                              $250
Energy/National Resources     $5,000
Communications/Electronics   $26,200
Energy/National Resources     $3,000
Other                                  $85,500

TOP CONTRIBUTORS IN THE FINANCE, INSURANCE, REAL ESTATE SECTOR
American Bankers Assn
Citigroup, Inc.
Bank of America
JP Morgan Chase & Co.
Independent Community Bankers of America
Wells Fargo
Washovia Corp.
US Bancorp


Mr. Frank is not the Representative with the highest contributions from
the Finance, Insurance and Real Estate Sector.  He is, however the highest
recipient who is a member of the Democrat Party.

The top industries contributing to Mr. Frank are:

1.  Securities and Investment   $177,808
2.  Insurance                   $144,248
3.  Real Estate                 $140,485
4.  Lawyers and Law Firms       $112,083
5.  Commercial Banks            $108.150

Barney Frank is the top House of Representatives and top Democrat recipient of contributions from the
Savings and Loan industry - $28,172

 

22 Comments on BARNEY FRANK - FOLLOW THE MONEY - MUST READ FOR MORTGAGE BROKERS

Gary.  It is always a safe bet that you can figure out why the guys on the hill do what they do when

you follow the money.

Never fails. 

11/02/2007 06:09 PM by Lenn Harley, Homefinders.com, MD & VA Real Estate


Wow, my thoughts were that commercial banks would have been a lot higher... Its scary how much money gets passed around. You know that its not for nothing...Imagine that campaign laws were really reformed and that lobbyist had to state actual agendas, and that soft money contributions were capped by social security numbers ....OMG wake me up I'm dreaming again

11/02/2007 06:18 PM by Mike Norvell Sr., Developers Capital Realty (Developers Capital Realty, LLC)


Lenn, You're not implying that one of our congressman, especially a find man like Mr Frank, would be influenced by monetary contributions would you? Wait a minute.......maybe you are. OK I agree:)

11/02/2007 06:26 PM by Bryant Tutas-Tutas Towne Realty, Inc


Mike.  Look at his highest contributors.  Lots of financial interests there.

Bryant.  Actually, I was surprised at the number of and amount of contributions from what one would have thought to be Republican causes. 

This ought to interest some of our mortgage brokers.

 

11/02/2007 06:35 PM by Lenn Harley, Homefinders.com, MD & VA Real Estate


Lenn, the gentleman from Ma. has never been known for his fiduciary responsibilities. LOL!

Ginger 

11/02/2007 06:49 PM by Wilmington NC Real Estate Ginger & Roger Sala Keller Williams (Keller Williams Wilmington North Carolina)


Lenn, interesting list, which would explain many of Mr. Franks votes.  The longer they are in office the more pockets their hands are in.  Term limits would help to eliminate some of this.

11/02/2007 07:06 PM by George Souto (McCue Mortgage Co.)


Lenn, Why should he be different than any other politician?  When you take money under they eyes of "Donations' I learned nothing in life is for free.  Looks like people what Mr. Frank to earn his money now. Thank you for posting this

11/02/2007 07:09 PM by My Favorite Mortgage.net - Matthew J Blum


Ginger.  True, true.

George.  This does, indeed, explain a lot.  I was surprised that he is so deeply in the pockets of big banks.  This explains totally his proposed legislation to eliminate mortgage brokers.

Matthew.  You said it perfectly.  Mr. Frank is earning the money received from big banks.  Fascinating.

 

11/02/2007 07:33 PM by Lenn Harley, Homefinders.com, MD & VA Real Estate


Sounds like barney sure makes a good living! I'd like a job like that but I'm too honest of a person.

11/02/2007 07:45 PM by Dominic Naidoo - Luxury Real Estate Expert (RealPro Financial Group)


Lenn,

Yep, you're right, another 'follow the money' moment! Thanks,   Fran

11/02/2007 08:55 PM by Fran 'The Title Man' Gaspari Title Insurance-PA & NJ (Patriot Land Transfer, Inc.)


Lenn-wow your 'money stats" here are as good as your Localism for Virginia :) :)  Yep, follow the money......

11/02/2007 09:12 PM by Kathy McGraw ~ Calif Broker (CELLing Realty)


Dominic.  Mr. Frank does indeed make a good living.  Thanks for commenting.

Fran.  Thanks.  It's the American way lately with Congress. 

Kathy.  When it comes to Congress, once you start "following the money", you know where the folks in Congress will go.

11/03/2007 05:37 AM by Lenn Harley, Homefinders.com, MD & VA Real Estate


Pity is that even when this is in print and his agenda looks more clear they keep re-electing him.  And he's just the tip of the iceberg.  Ugh.

11/03/2007 05:44 AM by Bethesda Real Estate Sales ~ Josette Skilling (Long & Foster Real Estate, Inc.)


Josette.  You are right.  It's entirely possible that he "brings home the bacon" for the folks in his district in MA.  I don't know.  I may research that some time this week. 

What I do know is that it's doubtful that the folks who keep reelecting him don't know that he's on the take from the big banks. 

Then again, they might not care.

11/03/2007 06:22 AM by Lenn Harley, Homefinders.com, MD & VA Real Estate


Lenn! Thank you for posting this. We've known for years who our enemy is. I'm doing my best to make sure "the little people" know it too. Even though I am a lender now I fight for the brokers and the fantastic job 95% of them do to appropriately service their clients. We have just one more business day to fight this legislation before it is voted on. Many of the people commenting here also commented on my post the other day which tells me it of great interest to everyone in the industry and should be - hopefully everyone will contact their representative and voice their opinion this weekend! Once again, phenomenal post! STOP HR3915

11/03/2007 11:11 AM by Novation Mortgage


Thanks Ken.  I'm surprised this didn't get featured.  This isn't opinion.  This is fact. 

Oh well, at least I've got a lot of folks subscribing to my blog.  That might stir a few eyes.  However, it didn't get the interest I thought it would. 

This information unveils a Barney Frank that is the exact opposite of the one he plays on TV.

 

11/03/2007 03:36 PM by Lenn Harley, Homefinders.com, MD & VA Real Estate


I love a post like this, there's hard proof of tomfoolery on both sides of the party line.  Frank is proof that the Democrats aren't all spotless like they're portraying right now.  It's also proof that the banks are smart, to hedge their bets in both parties.

11/03/2007 07:01 PM by Leigh Brown Charlotte NC Broker/Owner (RE/MAX Signature Properties)


That's very interesting information that I didn't expect to find here tonight. Thanks for taking the time to write about it.

11/03/2007 11:30 PM by Sam White, College Station Texas Real Estate (Keller Williams Realty Brazos Valley)


Leigh. Of course the banks are smart.  Of course there's hard proof of tomfollery on both sides.  This one with Barney Frank just hit particularly hard at this time when I listened to his hearings.  Several hours of pontification about protecting the poor borrower when his political contributions show without doubt that he's in the pocket of the big banks.

One thing I've relied on for years is that numbers don't lie.

Sam.  I was surprised too.

11/04/2007 06:52 AM by Lenn Harley, Homefinders.com, MD & VA Real Estate


I am shocked.... NOT!!

I guess the Mortgage Brokers Association couldn't pony up enough bucks!

11/17/2007 09:03 AM by Tom Burris | Texas Home Loan Expert (DallasLoanGuy.com)


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Real Estate Brokerage: Lenn Harley, Homefinders.com, MD & VA Real Estate
Lenn Harley
Rockville, MD
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