Scandal de Jour-The Mortgage Meltdown

Published by Lindsay Renick Mayer on September 11, 2008 11:26 AM     

                            

When the federal government announced two months ago that it would prop up mortgage buyers Fannie Mae and Freddie Mac, CRP looked at how much money members of Congress had collected since 1989 from the companies. On Sunday the government completely took over the two government-sponsored enterprises, and we've returned to our data to bring you the updates, this time providing a list of all 354 lawmakers who have gotten money from Fannie Mae and Freddie Mac (in July we posted the top 25). These totals are based on data released electronically from the FEC on Sept. 2 and include contributions to lawmakers' leadership PACs and candidate committees from the floundering companies' PACs and employees. Current members of Congress have received a total of $4.8 million from Fannie Mae and Freddie Mac, with Democrats collecting 57 percent of that. This week we also wrote about how much money lawmakers had invested of their own money in the companies last year--a total of up to $1.7 million.

Party Split:	Dems: Repubs: Others: $2,299,722 $1,883,306 $5,401
All Candidates:	$4,188,429
Incumbents Only:	$3,557,956

House	# of Members	Average Contribution	Total Contributions
Democrats	164	$6,784	$1,112,615
Republicans	123	$6,943	$854,098
Independents	0	$0	$0
TOTAL	287	$6,852	$1,966,713
The US House of Representatives has 435 members and 5 non-voting delegates.

Senate	# of Members	Average Contribution	Total Contributions
Democrats	33	$30,215	$997,119
Republicans	39	$15,218	$593,524
Independents	0	$0	$0
TOTAL	72	$22,092	$1,590,643
The US Senate has 100 members.

The numbers on this page are based on contributions from PACs and individuals giving $200 or more. All donations took place during the 2007-2008 election cycle and were released by the Federal Election Commission on Tuesday, September 02, 2008.

Election cycle: 2008

Total contributions: $5,113,510

Source of Funds: Individuals $2,559,870 (50%)

Rank	Organization	Amount	Dems	Repubs	Source Indivs PACs Soft $
1	Fannie Mae	$1,050,300	60%	40%
2	Mortgage Bankers Assn	$675,425	53%	47%
3	Freddie Mac	$473,967	56%	44%
4	Countrywide Financial	$318,870	46%	54%
5	National Assn of Mortgage Brokers	$258,385	53%	47%
6	Mortgage Insurance Companies of America	$68,500	35%	65%
7	Federal Home Loan Bank	$60,596	76%	24%
8	Federal Home Loan Bank of Topeka	$60,500	64%	36%
9	NVR Inc	$56,800	0%	100%
10	Refinance.Com	$53,950	100%	0%
11	Commercial Mortgage Securities Assn	$52,000	40%	60%
12	Telacu Industries	$46,950	89%	11%
13	Loma Verde Properties	$42,000	100%	0%
14	New Century Financial Corp	$41,750	89%	11%
15	Revere Mortgage	$31,460	100%	0%
16	Potomac Partners	$29,800	57%	43%
17	Kislak Mortgage Corp	$28,500	0%	100%
18	Capmark Financial Group	$25,800	31%	69%
19	Preferred Empire Mortgage	$22,100	100%	0%
20	National Reverse Mortgage Lenders Assn	$22,001	100%	0%

METHODOLOGY: The numbers on this page are based on contributions from PACs, soft money donors, and individuals giving $200 or more. (Only those groups giving $5,000 or more are listed here. Soft money applies only to cycles 1992-2002.) In many cases, the organizations themselves did not donate; rather the money came from the organization's PAC, its individual members or employees or owners, and those individuals' immediate families. Organization totals include subsidiaries and affiliates. All donations took place during the 2007-2008 election cycle and were released by the Federal Election Commission on Tuesday, September 02, 2008.

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