A Farmington Hills law firm that represents mortgage giants Fannie Mae and Freddie Mac in foreclosure and eviction cases has contributed $200,000 to a super PAC supporting Republican Mitt Romney for president.
That super PAC, Restore Our Future, has run ads against Romney’s GOP rival Newt Gingrich, attacking his ties to Freddie Mac and accusing him of “cashing in” on the foreclosure crisis.
The Dec. 27 contribution, disclosed Tuesday in a Federal Election Commission filing, was written from the corporate account of Trott & Trott PC. A 2010 Supreme Court decision allows corporations and unions to spend unlimited amounts on independent campaigns to support or oppose federal candidates.
Managing partner David Trott is a member of Romney’s Michigan finance committee. He and his wife also contributed $7,500 to the Romney campaign, and his employees contributed more than $11,000 to Romney.
They’re all connected to Wall Street and against us.
Go ahead and vote for this winner who was cashing in on you getting booted out your home!
ThinkProgress-
A ThinkProgress examination of Mitt Romney’s presidential personal financial disclosuresfrom May 2011 reveal that the former Massachusetts governor and his wife own or owned millions of dollars worth of a Goldman Sachs investment fund invested heavily in mortgage-backed obligations. And the current owners of those mortgage debts began foreclosure proceedings against thousands of Floridians.
Along with his investments in Bain Capital funds linked to offshore tax havens, the Romneys have large investments in the Goldman Sachs Strategic Income Fund (institutional class). The firm’s March 2011 annual report for the fund notes that about 8 percent of the fund is invested in banks and 24.5 percent is invested in mortgage-backed obligations. Romney’s form says he has invested between $1,000,001 and $5,000,000 in the fund and his wife Ann has invested an additional $1 million-plus. Since the 2008 economic meltdown and the enactment of the Troubled Asset Relief Fund, this fund has done quite well, growing 7.88 percent between April 2010 and March 2011.
Foreclosure statistics, like all numbers, fail to convey the human misery involved. If “irresponsible borrowers” caused Florida’s crisis, well, no one would look to the Attorney General for action. What does law enforcement have to do with irresponsible borrowers? But that’s not what happened–banker fraud and gambling wrecked the housing market. And now the banks are resorting to document fraud to process the millions of foreclosures their earlier bad acts set in motion.
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