Common Cause, the government watchdog group, wants to know why Congress didn't see the financial crisis coming. Could the $31 million the lending industry donated to members of Congress have anything to do with it?
This doesn't include the $180 million in contributions to Congress from Fannie Mae and Freddie Mac, Common Cause says.
Common Cause released a report today detailing how campaign contributions and lobbying by the mortgage finance industry played a role in blocking legislation to regulate the industry.
"The financial services industry focuses its lobbying efforts around its immediate desires, and for more than the past decade, this focus has been on relaxing regulation of the mortgage lending and securitization market," the report says.
Both Democrats and Republicans are in bed with lobbyists and special interest groups. The only way to clean up the culture of corruption in Washington, D.C., is to kick out every incumbent member of Congress.
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Ask Yourself Why Congress Didn't See the Financial Crisis Coming