Foreclosure Protesters To Darrell Issa: Go Home

Foreclosure Protesters To Darrell Issa: Go Home

by Celeste Katz - New York Daily News

Brooklyn protestors told Rep. Darrell Issa he should head back to California rather than try to convince local homeowners he cares about their mortgage plight.

Alison Gendar reports:

Issa, along with Brooklyn Rep. Ed Towns, held a congressional hearing at Borough Hall Monday about ways to help homeowners facing foreclosure in the on-going mortgage crisis.

A noble goal, demonstrators said — but not one Issa has pushed during his political career.

Protestors from Occupy Wall Street, United New York, New York Communities for Change and the Working Families Party charged that Issa worked against reforms that would have helped homeowners nationwide.

Towns, who helped arrange the committee hearing, has also been a target of criticism.

He was accused of getting preferential treatment though the VIP program of mortgage giant Countywide, a charge Towns said was false. Ironically, it was Issa who called for the investigation of the VIP program, a move that initially ensnared Democratic lawmakers but lately has cast shadows on Issa’s fellow Republicans.

“Today’s hearing is about holding banks and mortgage servicers accountable and getting to the bottom of how we can help those who have been most severely impacted by this crisis,” Towns said in prepared remarks.

“Brooklyn is at the epicenter of this foreclosure crisis, and has been one of the hardest hit areas in the country. The very sentiment and anger that was expressed today is why I brought the Committee to Brooklyn, and will remain committed to getting answers from the banks,” Towns said.

A review of both Issa’s and Towns’ campaign documents show they both successfully fished for campaign contributions from many of the same banks that are now under review, and from many of the same industries mired in the housing financial crisis, according to donor records:

- The National Association of Realtors PAC contributed $17,000 to Towns and $9,000 to Issa since 2009.

- Bank of America Corp.’s federal PAC contributed $2,000 to Towns and $3,000 to Issa since 2009.

- Wells Fargo and Co. Employee PAC contributed $3,000 to Issa since 2009.

Monday’s hearing was prompted by the Obama administration announcement in February of a $26 billion agreement with five of the nation’s largest banks over their foreclosure practices. The money is to help homeowners lower their debt and interest rates.

The biggest, Bank of America, would provide $11.8 billion, followed by $5.4 billion from Wells Fargo, $5.3 billion from JPMorgan Chase, $2.2 billion from Citigroup and $310 million from Ally. Bank of America would contribute an additional $1 billion for Federal Housing Administration loans, according to White House tallies.

Article source: New York Daily News.

Image source: New York Daily News.