During Tuesday’s presidential debate, Sen. John McCain (R-AZ) announced a new plan to help ease the housing crisis by having the government buy up bad mortgages. Since then, however, McCain has clarified his proposal, and experts now say that while the idea might help homeowners, it is almost certain to “reward predatory mortgage lenders.”(1) That comes as no surprise to those aware of McCain’s close ties to the banking industry – ties that have gotten even closer as McCain’s reliance on them to fund his campaign increases. Not only has he received $3,830,175 from the banking industry since 1989, with more than $2.5 million coming in 2008 alone, but also his campaign is staffed, advised, and funded by 53 banking lobbyists. It’s no wonder then that McCain’s housing rescue plan would be a rescue for those that made the loans and not the suffering Americans that took them.

John McCain has received $3,830,175 from the banking industry since 1989, with more than $2.5 million coming in 2008 alone(2)

The vast majority of McCain’s contributions from the financial sector came from commercial banks – creditors most likely to benefit from McCain’s mortgage purchase plan

Fifty-three banking lobbyists currently serve as staffers, advisors, or fundraisers for the McCain campaign, including chief advisor Charlie Black and congressional liaison John Green

• The clients of these 53 lobbyists have given McCain $1,796,211 in campaign donations.
  

• These 53 lobbyists have earned $36,878,500 lobbying for the banking industry.

• Seventeen of McCain staffers, advisors, and fundraisers have earned more than $1 million lobbying for the banking industry
  
  

  Lobbyist	Campaign Position	Earnings From Banking Industry
  Weber, Vin	Fundraiser	$6,620,000
  Green, John	Congressional Liaison	$3,830,000
  Calio, Nicholas	Fundraiser of $50,000.00	$3,830,000
  Molinari, Susan	Women for McCain Steering Committee	$2,650,000
  Madigan, Peter	Fundraiser	$2,600,000
  Hyland, James E.	Fundraiser	$2,300,000
  Phillips, Steven R.	Fundraiser of $100,000.00	$2,040,000
  Edwards, Melissa M.	Women for McCain Steering Committee	$1,990,000
  Berman, Wayne L.	Fundraiser of $500,000.00	$1,980,000
  Black, Charles	Chief Political Advisor, Fundraiser	$1,964,000
  Chadwick, Kirsten	Women for McCain Steering Committee	$1,950,000
  Crane, David F.	Senior Policy Advisor	$1,856,400
  Bonilla, Carlos	Economic Policy Advisor	$1,810,000
  Hart, Vicki E.	Women for McCain Steering Committee	$1,660,000
  McSlarrow, Alison Hope	Women for McCain Steering Committee	$1,580,000
  Blalock, Kirk	Fundraiser of $500,000.00	$1,510,000
  Davenport, Doug	Regional Campaign Manager	$1,200,000
  Jarvis, Aleix	Fundraiser	$1,010,000

Four major banking and mortgage firms have given McCain more than $200,000 in donations

Fourteen McCain staffers, advisors, and fundraisers have worked as lobbyists for Fannie Mae, earning more than $8 million in the process

Sixteen McCain staffers, advisors, and fundraisers have worked as lobbyists for Freddie Mac, earning more than $12 million in the process. This does not include the $15,000 a month in secret payments made by Freddie Mac to McCain campaign manager Rick Davis from 2005 until the company’s collapse last month.(3)

(1) John D. McKinnon, “McCain Reshuffles Rescue Deal, The Wall Street Journal, October 9, 2008.

(2) Campaign finance and lobbying figures are based on Campaign Money Watch analysis of data obtained from the Center for Responsive Politics, a non-partisan organization that tracks and codes campaign finance data by industry and tracks lobbying. Campaign finance data include individual contributions ($200+) and from Political Action Committees (PACs) to campaign committees and leadership PACs. Data for the 2008 cycle were downloaded in October 2008.

(3) Jackie Calmes and David D. Kirkpatrick, “McCain Aide’s Firm Was Paid by Freddie Mac,” The New York Times, September 23, 2008.