Friday, October 15, 2010

Rep. John Kline's Refusal To Support Reforms Leads To Record Minnesota Foreclosures

Most Americans believe in and work toward the dream of  home ownership. For over 80% of Minnesota's families, that dream has been a reality. We believe if you work hard and play by the rules, you can afford to support your family and put a roof over their heads. Unfortunately, many are now losing their homes while our elected representatives like John Kline (R-MN-02) continue to vote against banking reforms and legislation that could save homes.

It has now come to light that Wells Fargo, the second-largest U.S. mortgage lender, used a worker who quickly rubber stamped documents without checking their accuracy. The worker said they processed as many as 500 foreclosures a day and only checked for signatures and dates as directed.

At the very same time Wells Fargo also posted up record earnings. Wells Fargo.'s profits jumped 20% from the prior quarter:
"US banking giant Wells Fargo projected Thursday a "record" three-billion-dollar profit in the first quarter, sparking hopes of recovery from a financial crisis that is battering the economy."
While Wells Fargo and other banks are posting up record earnings, and foreclosing on a record number of homes, Rep. John Kline has voted against banking reform that could save family homes (**see the below list of votes against regulations and reforms in the financial industry!). Besides voting against banking reform, Kline has voted for cash bailouts for Wall Street and Banks.

While many Minnesotans are losing their homes, and/or seeing their home values bottom out due to foreclosures, the banking industry is donating record amounts of money to political campaign like MN Congressman John Kline.

The American Bankers Assn has given Rep. John Kline. $20,000, ranking as a top contributors to Kline’s Campaign Committee and Leadership PAC. Additionally, Commercial Banks account for $28,608 toward John Kline's campaign war chest. Still receiving money from banking and the financial industry is not new to Kline, since coming into office, John Kline has always received money directly from Wells Fargo PACs.

Currently Minnesota's Attorney General Lori Swanson along with the other Attorney Generals in the remaining 49 states,  is investigating the banking industry's record foreclosures.

While working families struggle to get by, Wall Street CEOs use our tax dollars to enrich themselves and pay out massive bonuses and/or, like Wells Fargo, post record profits. Wall Street bonuses alone could stop every foreclosure in America through 2012.

Nobody is asking for lavish mansions, but Minnesotans are asking for a fair chance at the American Dream of owning a home. Unfortunately, nobody in Minnesota's Second Congressional District will find help from Rep. John Kline.  Instead of the American Dream, John Kline has chosen to support the lavish, rich and immoral lifestyle of banking and financial institutions and their CEOs over Minnesota's families and their American dream of home ownership.
**Rep. John Kline voted against authorizing bankruptcy courts to modify the terms of mortgages made on homeowners’ primary residences. The amendment would permit bankruptcy courts to restructure the debt on home mortgages by reducing the principal owed, extending repayment periods, reducing interest rates, and prohibiting, reducing, or delaying future interest rate increases saving countless homes for the working poor and middle class. [H.AMDT. 534 TO H.R. 4173]

**Kline voted against Wall Street Accountability and Consumer Protection...sigh...naturally siding with big business and corporations. [HR 4173]

**Representative Kline voted to bailout our country’s financial sector, but later voted against a bill to strengthen oversight of these TARP funds and make more community banks eligible to receive assistance. [HR384]

No comments: