FOR IMMEDIATE RELEASE:

CONTACT:
Hudson Campaign Press
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Silver Spring, MD.  September 26, 2008 - Representative Chris Van Hollen and Congress must assume responsibility for their roles in the collapse of the housing and finance industries.

The Facts: 

The main investigative body in the U.S. House is the Committee on Oversight and Government Reform.  It investigates federal programs and matters with federal policy implications. Mortgage giants Freddie Mac and Fannie Mae are government sponsored enterprises (GSEs), and therefore fall directly under its jurisdiction.  Representative Chris Van Hollen (MD-8) is a member of this committee. 

Van Hollen’s legislative inaction and his shady campaign contribution history make him a complicit party to one of the worst financial collapses in this country's history. In 2005, a report by the Office of Federal Housing Enterprise Oversight stated that Fannie Mae employees doctored financial data to achieve earnings targets and trigger bonuses for executives. Despite his substantial connections and knowledge of the housing industry, Van Hollen did nothing to stop these events.  However, he did manage to make himself available to collect campaign and PAC contributions from REITPAC, the political action committee of the National Association of Real Estate Investment Trusts (NAREIT). Van Hollen's former finance director, Lindsay Mark Lewis, is a senior manager of REITPAC.  In fact, in a November 2007 interview with Roll Call, Van Hollen emphasized that the mortgage crisis could be a winner for him. "You are already hearing candidates talk about it," Van Hollen said. Instead of proposing legislation to fix the problem, Van Hollen was happy with the "status quo" of the housing crisis because of its potential political value. Meanwhile, tens of thousands of American homeowners suffered, including many in the 8th District (Montgomery and Prince Georges Counties). 

In his career, Van Hollen has accepted $272,412 from the real estate industry. Since 1989, he has taken $30,700 in campaign contributions from Fannie Mae and Freddie Mac.  His contributors list mirrors recent financial collapses; Fannie Mae, Freddie Mac, AIG. The DCCC and his Victory NOW PAC have each received contributions from the Mortgage Bankers Association PAC, whose donors include Lehman Brothers, Countrywide Financial, Washington Mutual, and other troubled or bankrupt firms. 

Mr. Van Hollen’s self-interests helped destroy the American dream for millions of people.  We, the taxpayers, had to bail out Fannie Mae and Freddie Mac and are now being asked to do the same for the financial markets.  Van Hollen took money from corrupt firms, allowed them to destroy our nation's financial stability, and now expects us to just pick up the tab. Stock markets are plunging, financial institutions are collapsing, and Chris Van Hollen bears some of the blame. He accepted controversial contributions from the institutions he was supposed to regulate and monitor.  If he had done his job in the first place and held proper oversight of these institutions and industries, we might not be in this situation. Once again, he put his own personal interests ahead of his constituents.

For additional information visit www.stevehudson2008.com.

Dr. Steve Hudson is the Republican nominee for Congress in Maryland’s 8th District.

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Paid for by Hudson for Congress 2008