Ney (Rep. Bob Ney, R-Ohio) promoted a philosophy that protecting financial institutions was protecting the little guy, assuring an easy flow of money to lenders willing to help folks with bad credit buy houses.
"These strict (state) assignee liability laws threaten the availability of credit, frankly, in the subprime market," Ney said as he opened a June 2004 hearing focused on the subject. "Acting as a usury cap on mortgage lending, these laws effectively prevent people from receiving mortgages."
Ney's arguments were repeated by lenders, financiers and other lawmakers for years afterward, but he was removed from the debate. Because of influence peddling in a scandal involving lobbyist Jack Abramoff, Ney went to prison last year. Recently released and operating his own consulting business in Newark, Ohio, according to his father, he declined an interview request.
Wonder why?
2 comments:
Unfortunately, the world is full of these types!!
And they look just like normal people. Used to be, you could trust Republicans to be fiscally conservative. I really think being the one-party-in-power is what killed them. They'll be back, though -- in response to what I expect will be overspending by the Democrats. Yeah, I'm an Obama supporter, but I'm also a realist.
Sure would like to get rid of the slash and burn style of politics, though.
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