Money Spent on Lobbying to Defeat Mortgate “Cramdown” in 1Q 2009

Over $42 Million Paid to Lobbyists Working to Defeat “Cramdown” in 1Q 2009

An FDL review of lobbying reports filed indicates that finance, insurance and real estate (FIRE) interests paid over $42 million to lobbyists who worked to defeat mortgage write-down in bankruptcy (cramdown) in the first quarter of 2009, as well as other anti-consumer legislation such as capping credit card interest rates.

Sixty organizations filed lobbying reports for the first quarter of 2009 indicating that they had paid lobbyists to work on the issue (see chart). Because lobbying reports don’t break down how much money was devoted to lobbying on a specific issue it’s not possible to break down a total spent on cramdown alone, but lobbying against H.R. 1106, H.R. 200 and S. 61, the Helping Families Save Their Homes Act was a priority for those organizations and lobbyists listed.

Organizations that lobbyied on the issue, but whose lobbying efforts in 1Q were significantly devoted to non-banking issues (The Chamber of Commerce, John Deere, General Electric) were not included in the total.

The legislation, which would have allowed judges to write down mortgage principle to current market values, could have played a significant role in stemming the foreclosure crisis. It is estimated that it would have prevented 20% of foreclosures at no cost to the taxpayers. Recently, Senator Richard Durbin gave a speech on the floor of the Senate where he indicated the banks “own us.” He also indicated that between now and 2012, some 8 million homeowners may lose their houses in foreclosure.

Money Spent on Lobbying to Defeat Mortgage “Cramdown” in 1Q 2009

Organization Lobbying Firm Lobbyists Total Spent Bailout Recipient
American Council of Life Insurers   Frank Keating
Mike Hunter
Kimberly Dorgan
JC Scott
Maurice Perkins
Andrea Jensen
  Timmons & Co. Michael J. Bates
Michelle Bright
Erin Graefe
Bryce L. Harlow
Chuck Jones
Ginger Loper
Marty Paone
William E. Timmons Jr.
American Bankers Association   James Ballentine
Peter Blocklin
William Boger
James Clark
James Chessen
Dionne Davies
Robert Davis
Keith Leggett
Carter McDowell
Christeena Naser
Mako Parker
Joseph Pigg
Lawrence Seyfried
Debbie Shannon
Shawn Smith
Seavers Sowers
Floyd Stoner
Edward Yingling
  Butera & Andrews Phil Corwin $30,000  
American Express (PDF)   Robert Thompson III
Arne Christenson
$830,000 $3.4 billion
  Valerie Morse White (PDF) Valerie Morse White $45,000  
Ameriprise Financial   Denise G. Ferguson $440,000  
American Insurance Association   Melissa Shelk $330,000  
Association of Credit and Collection Professionals   Rozanne Anderson
Adam Peterman
Assurant, Inc.   Ronny Lancaster
Ed Harper
Bank of America (PDF)   John Collingwood
Ed Hill
Darrell Minott

$52.5 billion
4.5 billion

Barclays PLC and its US Affiliates (PDF)   Marlene Nicholson
Katherine Fulton
Joanne Medero
$1,310,916  $7.0 billion
California Association of Realtors   Matthew Roberts $30,000  
California Credit Union League   Debbie Kwon-Moore
Bob Arnould
Jeremy Empol
Capital One Financial Corporation (PDF)   Lance Magnum
Rick Olson
Larry Stein
Emily Weems
$419,000  $3.6 billion
Chamber of Commerce   Thomas Donohue
R. Bruce Josten
Rolf Lundberg
Ashley Miller
David Tullly
Andrew Brady
Justin Lumandue
Ronald Eidshaug
Martin Regalia
(See Note A)  
Charles Schwab & Co., Inc.   Jeffrey Brown
Kim Quish
Michael Townsend
Concord Associates, LLP DC Navigators Vincent Roberti
Harmony Knutson
Consumer Bankers Association   Marcia Sullivan
Steven Zeisel
David Pommerehn
Darlene Rosenkoetter
Consumer Mortgage Coalition Canfield & Assoc Ann Canfield
Roger Blauwet
Erin Frederick
Credit Suisse Securities (PDF)   Mary L. Whalen
Joseph L. Seidel
Michael W. Williams
John A. Anderson
$470,000  $.4 billion
Deere & Co   Cynthia Sandherr (See Note C)  
Deutsche Bank   Frank Kelly $220,000  $6.4 billion
Discover Financial Services (PDF) DLA Piper Thomas Boyd
Matthew Bernstein
Kevin O’Scannlain
Jill Keller
John Merrigan
David Lieber
$60,000  $1.2 billion
Ebay   Valerie Morse White $20,000  
E*Trade Financial Corp Patton Boggs Don Moorehead
Kirsten Wegner
Todd Cranford
Micah Green
Farmer’s Group   Eric Rizzo $180,000  
Financial Services Roundtable   Steve Bartlett
Paul Begey
Scott Talbott
FMR (Fidelity Investments)   James Johnson
Stephanie Markiewiczs
James Febo
Andrew Vermilye
Fortress Investment Group Podesta Group Anthony Podesta
Jamie Harrison
Israel Klein
Randall Gerard
Ed Rothschild
Paul Braithwaite
Walter Pryor
Donni Turner
General Electric*   Victor Cabral
Jon Freedman
Robert Okun
Barbara Mattox
Larry Boggs
Theresa Peterson
James Renigar
(See note B)  
GMAC (PDF)   Michele Lieber $410,000  $5 billion
Goldman Sachs Group, Inc. (PDF)   Todd Malin
Ann Costello
Marti Thomas

 $10 billion
$12.9 billion

Hartford Financial Services Group   Jay Rosenblum
Laura Haines (Donovan)
Matthew Kirk
HSBC GR-Corp (Household Bank)(PDF)   J. Denis O’Toole
Janet S. Amand
Thomas Rosenkoetter
Monique Fraser
$1,026,573  $3.3 billion
  Dutko Worldwide Gary Andres
Laine Glisson
MaryClare Fitzgerald
Independent Community Bankers of America   Camden Fine
Jason Kratovil
Renee Rappaport
Aaron Setter
Stephen Verdier
ING Bank, fsb Venable LLP William J. Donovan $20,000  
ING North America (PDF)   Deborah Winston $620,000  $1.5 billion
Investment Company Institute   Dean R. Sackett III
Donald C. Auerbach
J.P. Morgan Chase Bank N.A. (PDF)   Naomi Camper
Nathan Gatten
Katherine Childress
Robert Griner
Steve Patterson
Alan Keller
Peter Scher
$1,310,000 $25 billion
  Richard F. Hohlt Richard F. Hohlt $31,000  
Manufactured Housing Institute   Tom Beers
Brian Cooney
Massachusetts Mutual Life   Kenneth Cohen
Alison Weiss
  Porterfield & Lowenthal Lendell Porterfield
Andrew Lowenthal
Dawn Callaghan
Kirsten Johnson-Obey
Met Life   Kristin Smith $1,150,000  
MidFirst Bank Venable LLC William J. Donovan
Robert L. Smith
Suzanne F. Garwood
Stuart Ingis
Morgan Stanley & Co (PDF)   Joshua Wilsusen
Michael J. Stein

 $10 billion

$1 billion

Mortgage Bankers Association   Ryan Pace Bradshaw
John Courson
Francis Creighton
Josh Denney
Paul Hilliar
Stephen O’Connor
Ken Markison
Vicki Vidal
Catherine Wojtaskik
Sarah Tinsley Demarest
John Mecham
Burton Wood
  Sonnenschein & Rosenthal Todd M. Weiss
Matthew Lapinski
Mary Pat Lawrence
Mortgage Insurance Companies of America Horgan & Hartson W. Michael House
Christine M. Warnke
Nancy L. Granese
National Association of Home Builders   Joseph Stanton
James Tobin III
William Killmer
Gerald Howard
Greg Brown
Scott Meyer
JP Delmore
Elizabeth Odina
Jenna Hamilton
National Association of Realtors   Jerry Giovaniello
Jamie Gregory
Jim Freeman
Helen Devlin
Dan Blair
Ken Wingert
Sam Whitfield
Tony Hutchinson
Jeff Lischer
New York Bankers Association   Michael P. Smith
Roberta Kotkin
William J Bosies
Karen Jannetty
Stephen W. Rice
  Porterfield & Lowenthal Lendell Porterfield
Andrew Lowenthal
Dawn Callaghan
Brendon Weiss
Kirsten Johnson-Obey
New York Life   George Nichols III
William Mattox
Doug Lathrop
Julie Herwig
  Brown Rudnick LLP Michael Lewan
Jonathan Renfrew
Pacific Life Insurance Company CJ Strategies Emily Baque
James M. Copeland, Jr.
Lynnette Jacquez
Paulsen & Company American Continental Group Joshua Fay-Hurvitz
Shawn Smeallie
Carlyle Thorsen
Ian Musselman
David Urban
Sheryl Cohen
Performance Trust Capital Partners Brown Rudnick LLP Kristen Gullot
Anne Fabry
Jonathan Renfrew
PNC Bank   Thomas Lamb, Jr. $135,000  $7.6 billion
Principal Financial Group   Patti Blumer
R. Lucia Riddle
Prudential Financial, Inc.   Rex Wackerle
Alan Brubaker
David Burns
Christopher Payne
Brian W. Clymer
Maureen Adolf
Bryan Pickel
Richard Saxe
Lee Wood
  Policy Impact Communications John M. Haddow
William Nixon
John Drew Hiatt
Securities Industry and Financial Markets Association   Scott DeFife
Michael Paese
Tim Ryan
Margaret Simmons
Ricardo Delfin
Tom Deutsch
TD Bank David Johnson David Johnson $70,000  
The Chubb Group   Daniel Conway
MaryLu Korkuch
UBS Americas, Inc (PDF)   John Savercool
Peter Rowan
Dick Ribbentrop
Andy Blocker
$70,000  $1.7 bilion
USAA   Brian Conklin
Jessica Killin
  Peck, Madigan, Jones & Stewart Jeff Peck
Peter Madigan
Janet Mullins Grissom
Cristina Krasow
Jonathan Jones
Drew Cantor
John Michael Gonzalez
U.S. Bancorp (PDF)   Deborah M. Burke $170,000  $6.6 billion
Washington Credit Union League   Colleen Kelly $6,000  
Wells Fargo & Company (PDF)   Daniel Archer
Julie Slocum
$700,000  $25 billion
TOTAL     $42,416,536  

Note A:  US Chamber of Commerce includes lobbying expenses related to H.R. 1106 on a 1Q 2009 lobbying report of $9,996,000, but substantial portions were for non-banking issues and so it was not included in the total.            
Note B:  General Electric includes lobbying expenses related to H.R. 1106 on a 1Q 2009 lobbying report of $4,540,000, but substantial portions were for non-banking issues and so it was not included in the total.            
Note C:   Deere & Co. includes lobbying expenses related to H.R. 1106 on a 1Q 2009 lobbying report of $540,000, but substantial portions were for non-banking issues and so it was not included in the total.            

*Question as to whether addendum included additional lobbyists 

If no lobbying firm specified, lobbying was done by the organization itself


Money Spent on Lobbying to Defeat Mortgate “Cramdown” in 1Q 2009