Norm Coleman is #1 in donations from real estate industry

Minnesota Monitor reports that Sen. Norm Coleman is the #1 Senator for campaign contributions from the real estate industry. This is a surprise to nobody considering he's the Senator who co-authored the HOME Act which is written to help the banks holding subprime mortgages squeeze the last dollar out of homeowners facing foreclosure. The Home Act would allow homeowners more than 60 days overdue on their mortgage payment to withdraw up to $100,000 from their retirement accounts without penalty or taxes to deal with their crisis. They would have to pay that back within three years or the government would place a tax lien on their home. If the homeowner were to go bankrupt, the banks could not otherwise get at their retirement savings.

...A report issued by ACORN reveals that Coleman took $23,000 in contributions from two interest groups strongly opposed to the Foreclosure Prevention Act of 2008. But that's small potatoes compared to Coleman's other campaign contributions this year.

According to OpenSecrets.com, Coleman has received a total of $477,000 from the real-estate industry (PACs and individual donors) during this election cycle. That makes him seventh in the Senate when it comes to getting bought out by the real-estate/mortgage industry.

Yet Coleman is actually the No. 1 Senate recipient who isn't running for president of contributions from the combined mortgage, finance, and insurance sector. Those industries are Coleman's biggest backers, with donations totaling $2 million. That's double the amount received from his second-biggest contributor of "miscellaneous businesses" and four times as much as he's received in contributions from agribusiness.
(Minnesota Monitor)

Read more about Norm's stances on this issue on the Norm Coleman Weasel Meter's foreclosure page