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My Left Nutmeg

Mortgage Man

by: Scarce

Sun Oct 26, 2008 at 09:07:21 AM EDT


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The NY Post has a scathing article about Chris Shays and his efforts to deal with the mortgage crisis.

The riskiest type of government-backed mortgages could soon return to haunt the country.

Rep. Christopher Shays, the embattled lawmaker in a close race for his seat in tony Fairfield County, Conn., is quietly pushing to overturn a recently implemented White House ban on Federal Housing Administration mortgages made with seller-financed down payments to buyers who don't have the cash for a down payment.

The Bush Administration, which barred these no-money-down mortgages as of Oct. 1 because they go to foreclosure three times as often as FHA mortgages in which the buyer puts a down payment on the house, said most of the $4.6 billion lost on FHA loans came from the seller-financed down payment assistance, or SFDPA, loans.

Connecting the dots paints a damning picture against Shays:

However, Shays' support of 6694 has raised a few eyebrows in his district.

For starters, the National Association of Realtors, whose members stand to benefit greatly from the commissions they will earn on the SFDPA mortgages, had its political action committee pump a staggering $804,371.69 into Shays' campaign so far this year for direct mailings, TV time and other items, federal filings show.

The first NAR-PAC pro-Shays TV spot aired the same week he helped get his Financial Services Committee to approve 6694.

At the same time, Shays' brother, Tony, is a real-estate broker whose Stamford firm stands to benefit from the reintroduction of the SFDPA program, as it caters to low-income buyers.

While not conclusive this certainly looks bad. And for Chris Shays, coming little more than a week from the election, it could be the final stake in his heart.


NAR PAC Ad for Chris Shays

Scarce :: Mortgage Man
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Mortgage Man | 11 comments
Wonder if his family business sold houses to people like that? (0.00 / 0)
Shays Real Estate in Stamford is run by his brother, and he originally was in the real estate business. I wonder if the standards for loan giving Shays has now reflects his family's ethos in selling houses.

Wow (0.00 / 0)
Shays never fails to amaze me.

He just fails.  On an epic scale.

Connecticut Bob


Let's see if our local conservative press corps reports on this (0.00 / 0)
This is a test of the fairness and journalistic ethics of our press in Fairfield County.  Brooks Community Newspapers, owned by Hearst Newspapers, sank to a new low this week as it front-paged in every paper in the chain a sleazy article detailing every single savings account and investment that Jim Himes owns, conrasting that with Shays' virtual penury.  Greenwich Time has printed only one single pro-Democratic ltte in its online edition in weeks.  And and the conservative lilly-white editorial board of Connecticut Post in largely minority and heavily Democratic Bridgeport endorsed Chris Shays.  Let's see if conservative reporters Peter Urban or Ken Dixon report this.  Let's see if Greenwich Time/Stamford Advocate political reporter Neil Vigdor writes about this in the daily newspaper of record in the western region of the 4th congressional district.  

This is a test of their journalistic ethics.


well (0.00 / 0)
Seems a bit silly to run a former Goldman Sachs VP and then complain that the press has reported that he's wealthy.  Did you not expect this sort of contrast to the civil servant of modest means you so enjoy disparaging?

[ Parent ]
Let me get this straight... (0.00 / 0)
Shays' going lying about supporting Social Security privatization isn't important; his lying about supporting a timeline for withdrawal of troops isn't important; the fact that the sleazeballs of the mortgage industry are spending massive sums to get their boy Chris Shays re-elected so that they can shove more people into mortgages that they can't afford (and make Shays' brother more big bucks) isn't important; the fact that Shays is co-chairman of McCain's hate-mongering campaign in Connecticut isn't important.

Nope, what's important is the two men's relative household savings.  If we were to focus on that, we wouldn't have elected- now let me see- FDR, John F. Kennedy, or Teddy Roosevelt.  No, we shouldn't focus on the issues of real people having real problems in this community.  We shouldn't think about Shays' support for virtually every one of George Bush's disastrous budgets and his miserable stewardship of the economy and financial system.  We shouldn't think about Shays' backing the Patriot Act that tramples on American constitutional liberties, or about his attempt to dismiss America's shameful actions at Abu Ghraib as just a "sex ring".  

Nope, you're right.  The press should blast across the front page right before the election the key issue in this campaign: which man has more savings.  Brilliant point, Adam.  Absolutely brilliant!


[ Parent ]
I wouldn't hold my breath . . . . (0.00 / 0)
Real Estate interests are a major source of income for Connecticut's newspapers; so it is most unlikely that this issue will see the light of day. That said, I hope letters about this will be submitted to those papers still willing to publish election-related material this close to November 4.  

[ Parent ]
Peter Urban writes a press release for Shays (0.00 / 0)
WASHINGTON -- Rep. Christopher Shays, R-4, on Monday defended his support for legislation that would partially restore a "seller-funded down payment assistance" program that critics claim could lead to a higher rate of foreclosure.

The New York Post reported Sunday that Shays' effort to overturn the ban on what the tabloid dubbed "the riskiest type of government-backed mortgages" had "raised a few eyebrows in his district." In July, Congress passed legislation that banned Federal Housing Administration mortgages made with seller-financed down payments to buyers who don't have the cash for a down payment. The Bush administration had argued for the ban saying that these no-money-down mortgages go to foreclosure three times as often as FHA mortgages in which the buyer puts a down payment on the house.

http://www.connpost.com/localn...


[ Parent ]
Urgent - Please Comment at CT Post (0.00 / 0)
I did - we need more publicity on this.

[ Parent ]
Are these SIGNS of desperation? (0.00 / 0)
On my drive from Seymour to Bridgeport Hospital this morning, I saw stapled cardboard signs of CHRIS SHAYS for CONGRESS on telephone poles along the length of Boston Post Road both ways in Bridgeport.

The arc of history is long, but it bends toward justice. --Martin Luther King, Jr.

Going after Rowland and Court Corruption in Connecticut (0.00 / 0)
Congressman Shays and his people are responsive. I have gotten letters, emails, and phone calls back from Shays and his office regarding doing something about public corruption in Connecticut. I hopefully will be part of a Judiciary Committee hearing in DC thanks to Shays.

He is in key committees to most help Connecticut and the nation. Hopefully he wins his election.  

Don't call me a Republican, because I hung out with those who were protesting Nuclear Power and want George W. Bush arrested and prosecuted for murder up in Brattleboro, Vermont. I took pictures and video of the concerts and parade. More in my diary here at myleftnutmeg.

Most elected officials, Democrat and Republican, State and Federal, are unresponsive.

I will come back home to Connecticut and will be stumping for Democrats and just one Republican ...


Shays sure is responsive! (0.00 / 0)
That's why he resisted the overwhelming calls from his constituents to support stopping the miserable war in Iraq for so many years.  I'm glad that you will appear for a congressional hearing in Washington.  But while you're there, keep in mind the 35,000 dead and wounded young Americans from that senseless war in Iraq that Shays supported for years.  Keep in mind the hundreds of thousands of others who are aflicted with PTSD in that stupid war.  But don't bother yourself too much with those thoughts, because, after all, Shays is "responsive" to you on whatever little issue you're involved in.

Of course, Shays seemed to be responsive in 2006 when he promised to support setting a timeline to withdraw our troops.  But, oops!, he just figured that 2006 was his last tough re-election campaign, and he was safe to do anything he wished after that, including go back on his promise on timelines.  Hey, who cares if over 1,300 young Americans have been killed and wounded since Shays was re-elected on a pledge to stop the war on a fixed timeline.  I mean, what are 1,300 American troops to a "moderate Republican" like Chris Shays?  After all, he's "responsive".

And when you look at your tax bill, keep in mind that Shays was responsible for squandering a trillion dollars in that senseless little war that you can't even bother mentioning.  But, hey, Shays is "responsive", right?

Right.


[ Parent ]
Mortgage Man | 11 comments
 
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