Support reform, receive half as much money in return

May 14, 2010

Yesterday, MAPLight.org reported that five Senate Republicans who supported a Wall Street Reform measure to end predatory loan practices received half as much money from the mortgage brokerage industry as party members who refused to back the measure.

The proposed amendment would require mortgage brokers to verify borrower income levels and put an end the practice of rewarding brokers with higher compensation for closing loans with higher interest rates.

The reality is that it pays to oppose regulation.

The Republicans who joined Democrats in supporting the amendment received on average $11,550 from mortgage brokerage interests, while the rest of the Republican caucus received on average $24,330 from the industry.

To see how the Senators voted and for more behind-the-numbers, visit MAPlight.org.