According to an article by Aaron Blake in The Hill posted 09/21/2008 he states that the National Association of Realtors has spent nearly "$4 million combined in seven battleground districts this year."
In looking at the race between Lou Barletta and Paul Kanjorski the article states "The PAC also spent another $60,000 on radio ads and $220,000 on direct mail for Kanjorski, who is one of the most vulnerable Democrats in the House in his matchup against Hazleton Mayor Lou Barletta (R).
The Realtors have now spent $890,000 total on Kanjorski. That investment is second only to the $990,000 the PAC spent in April and May on failed New Mexico GOP congressional candidate Monty Newman, who is a realtor."
Over 22% of their total spend for races was placed with Paul Kanjorski. In this time of economic and financial crisis it begs the question- What favors were curried of Paul Kanjorski to warrant such an investment?
With a quick search it wasn't that hard to find an answer. Paul Kanjorski introduced the Community Choice in Real Estate Act. Interests who want this bill to become law included these interests and specific groups: insurance companies, brokers & agents, real estate agents, an other real estate services.
A summary of the act goes as follows: To amend the Bank Holding Company Act of 1956 and the Revised Statutes of the United States to prohibit financial holding companies and national banks from engaging, directly or indirectly, in real estate brokerage or real estate management activities, and for other purposes. In effect, prohibits financial holding companies and national banks from engaging, directly or indirectly, in real estate brokerage or real estate management activities. This bill holds up the old adage -with every investment the investor expects a positive return. This bill wasn't bringing home the bacon, the whole pig, lipstick and all came with it.
This bill is not a new effort from Paul Kanjorski. If you read this articleyou will see he attempted to introduce similar legislation as far back as 2001. He proposed it again in 2003. The congressmen is persistent while maintaining campaign contributions "don't influence the way he does his job" or curry favors.
When you cut through the haze with polarized sunglasses you see clearly the proposal would protect a significant amount of business for realtors and related services by preventing large banking conglomerates to enter real estate brokerage and property management. The NAR charges allowing such a practice would lead to higher costs to consumers, large-scale consolidation in the real estate industry, and potential conflicts of interest should banks be able to steer homebuyers to their own insurance and loan products.
Banks wanting to make loans...It reminds me of the James Lipton Commercial for Geico where he says..Human beings behaving humanly. Brilliant.
Paul Kanjorski claims the money doesn't curry favors. Look at this article "CFAL Commends Reps. Ney and Kanjorski on New Bill Establishing Tough Uniform National Mortgage Lending Standards" Business Wire, March 15, 2005.
It states " CFAL, which represents many of the nation's leading nonprime mortgage lenders, has long advocated passage of legislation creating uniform federal standards to replace the current confusing and conflicting patchwork of differing state and local laws now regulating mortgage lending. CFAL believes that such legislation must provide all mortgage borrowers -- regardless of where they live or who regulates their loan originator -- with equally strong and effective protections to stop improper practices by unscrupulous mortgage brokers and lenders."
This statement brings me back to the Community Choice in Real Estate. This bill has been declared "DEAD" since the 107th Congress. Paul, if contributions don't influence why are you trying so hard? Back to my buddy Foghorn, of Paul's efforts, "That dog's as subtle as a hand grenade in a barrel of oat meal."
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