Pat Toomey Fought for Predatory Lenders: “There is a legitimate subprime lending market”

Pat Toomey Fought for Predatory Lenders: “There is a legitimate subprime lending market”

Harrisburg, PA – Today, former Wall Street derivatives trader Pat Toomey launched another baseless and desperate attack against Admiral Joe Sestak as a recent poll showed Sestak ahead of Toomey 44 to 42 percent. Toomey is now trying to hide his record of cheering on the subprime mortgage industry and failing to do anything during his six years in Congress to prevent the housing crisis that hurt Pennsylvanians.

“Congressman Pat Toomey’s latest PR stunt is an insult to any Pennsylvanian who lost their job or their home as a result of the Toomey-Bush failures that gave subprime mortgage lenders and Wall Street free rein to write their own rules at the expense of middle-class families,” said Mark Nicastre a spokesman with the Pennsylvania Democratic Party.

“No amount of spin from Washington and Wall street insider Pat Toomey can distract from the facts. Congressman Pat Toomey cheered on subprime lenders and did nothing during his six years in Congress while they took advantage of Pennsylvanians. It’s just another example of former Wall Street derivatives trader Pat Toomey fighting for Wall Street and corporate special interests while failing to help Pennsylvanians.”

Toomey Cheered on Subprime Lenders, Fought for Predatory Lenders and Did Nothing to Prevent the Housing Crisis

Toomey Cheered on Subprime Lenders: Despite acknowledging predatory practices, Congressman Toomey cheered on the subprime lending industry: “‘There is a legitimate subprime lending market,’ Toomey said.” [Morning Call, 12/10/00]

Toomey Did Nothing to Prevent the Housing Crisis: After saying Toomey said he would deal with abuses legislatively, he did not do so. [Morning Call, 12/10/00]

Toomey Fought for Predatory Lenders at the Expense of Pennsylvanians: While Toomey was on the Financial Services Committee in 2004, he supported a new rule by the Office of the Comptroller of the Currency that put “strong state predatory lending laws at risk at a time when there are no national standards in place.” Other committee members sent a letter opposing the rule. [Committee on Financial Services Press Release, 2/12/04]

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October 13th, 2010 | Posted in Front Page Stories | No Comments