Pam Bondi

by Snets ~ May 24th, 2011. Filed under: Blog.

First of all, let me congratulate all of us for making it through the apocalypse – according to David Letterman we didn’t get called to heaven because we’re all too fat – yeah probably.  Secondly, he had Lady Gaga on as a guest.  Now I’m 60 years old, so I don’t get most of what she’s doing, yeah she’s a weirdo, she’s Madonna 2.0, her music is overproduced crap to me BUT she’s very popular and I’ve got to tell you, I have a grudging admiration for her.  She’s doing it her way, to hell with everyone else and it’s working for her.  She was relating a story of starting out in the New York underground club scene with a partner – Lady Starlight – she said they performed in matching bikinis and were very well received.  She went on to say – it’s amazing what you can accomplish when you take your clothes off – I have been mulling all evening if there’s a corollary to the mortgage business.  Don’t try and get a mental picture, your retinas are important to you!

Ok, Pam Bondi, our pin-up Attorney General.  When all the Attorneys General got together to investigate abuses by mortgage lenders and mortgage servicing companies, they came up with some settlement demands.  One of them was the concept of “Warranted Principal Write Downs”.  Well our aforementioned Kewpie doll Attorney General refused to endorse the plan.  Her main gripe was Section M on Page 18 which stipulated that when modifying a mortgage, some folks should have part of their principal written off.

She argued that making this part of the deal would lead to a free-for-all of underwater homeowners demanding write-downs.  She further argued that this would tempt folks who are paying their mortgages to simply stop in the hope that eventually their bank would erase part of what they owed.

Ms. Bondi is a former prosecutor and an Asst. States Attorney and was swept into office thanks in part to the Tea Party movement in Florida.  She is not without controversy – she didn’t vote in a number of elections and forced a victim of Hurricane Katrina to sue her to get her dog back.  Apparently she adopted a St. Bernard (in Florida????) from an animal shelter in St. Bernards Parish, LA after the storms.  When the family who owned the dogs finally was able to return to their home, they tracked the animal down and asked that Bondi return it to them.  She refused to return the dog.  The family was forced to sue her for its return.  Bondi, was then making a name for herself on Fox News and figured the whole thing would hurt her image, so she returned it.

Over half of her constituents are upside down on their mortgages, so you would think a smart politician would want to support a provision that would allow qualified folks to receive a Natox principal reduction on their homes as part of a mortgage mod.  I mean it’s happening out there, JP Morgan Chase is doing this on some of the option ARMS originated by those bandits at WAMU.

So where is her trepidation, you ask?  Remember my premise from past blogs that politicians do whatever is politically expedient – what helps them get contributions – forget what helps the populace.  She didn’t vote nay because of a “moral hazard” or some ideological political dogma. (let’s also not forget she switch from Dems to the GOP when people told her she had a future in politics)  She voted in the negative to keep her money spigot from her sugar daddies flowing with the mother’s milk of any politician – PAC money!

Last year, Bondi and the GOP received $453K in contributions from Banking and Real Estate Lobbyists.  $126,500 came from the Florida Banker’s Association who last year unsuccessfully lobbied the legislature to make Florida a non-judicial foreclosure state (read easier).  The Florida GOP also helped bankroll her campaign by giving her $800K to cover consultants, phone banks, office rent and campaign staff.    Part of this came from the $448K that was given to the GOP by the above mentioned groups.  Groups like the Florida Banker’s Association or the Realtors PAC often give money to the various state or national parties or both with the intent that it will be used for a specific candidate.  This is done to cloud over who gave what to whom and when.  Well, unfortunately for Ms. Bondi – it is pretty obvious where the money went.

Politicians all start out in the game to serve their communities and to help people but invariably this morphs to feeding their egos and personal and financial gain.  It doesn’t take very long either.  If politicians made the hard choices that need to be made – the money would stop – they would never get re-elected.  Consider this statement:

“The  fact that we are here today to debate raising America ’s  debt limit is a sign of leadership failure. It is a sign  that the US Government can not pay its own bills. It is  a sign that we now depend on ongoing financial  assistance from foreign countries to finance our  Government’s reckless fiscal policies.
…Increasing  America ’s debt weakens us domestically and  internationally. Leadership means that ‘the buck stops  here’. Instead, Washington is shifting the burden of bad  choices today onto the backs of our children and  Grandchildren. America has a debt problem and a failure  of leadership. Americans deserve better.”


You get my point – they will say anything to get their ticket punched – then when that happens they will do anything to stay there and max out.  Well enough for today – remember, we have the best rates and service out there – give us a call – it can’t hurt!  I’ll keep my clothes on.

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