“Grassley Hosting Fundraiser With Mortgage Industry Lobbyist, Months After Opposing Cramdown”
In late April, the U.S. Senate rejected an amendment to the housing bill that would have allowed bankruptcy judges to provide relief for troubled homeowners by modifying mortgage payments. Among those who opposed the measure, which was known as “cramdown,” was Sen. Chuck Grassley, the ranking member of the Senate Finance Committee.
“It will cause interest rates to go up and will make it more difficult for people to get a mortgage,” the Iowa Republican said at the time.
Two months later, the people who benefited from Grassley's vote are poised to shower him with campaign donations. The senator is hosting a fundraiser on Monday evening with lobbyists and a political action committee representing, among others, key players in the mortgage and private equity industries.
The event will take place at the swank Capitol Hill restaurant, The Monocle, steps away from the U.S. Senate, and is soliciting donations of $2,500 to “host” or $1,000 for PAC or personal contributions.
The organizers of the event include Smith “Smitty” Davis, a lobbyist for the mega-firm Akin, Gump, Strauss, Hauer & Feld, Pace Bradshaw of the Mortgage Bankers Association, Suzanne Hutchinson of the Mortgage Insurance Companies of America, and the political action committee for Aflac Insurance.