87 Days: Dole pads campaign coffers as North Carolinians fall to foreclosure

Day 87: Dole pads campaign coffers as North Carolinians fall to foreclosure

Where was Elizabeth Dole when tens of thousands of North Carolinians fell victim to the subprime mortgage crisis and were forced to file for foreclosure on their homes? She was busy padding her campaign coffers with money from Countrywide Financial – the very company that is now under federal investigation for their role in the mortgage mess. While hardworking North Carolina families were hit by a 78% increase in home foreclosures, Dole was once again proving that her loyalties lie with Washington lobbyists and special interests, not with the people of North Carolina.

North Carolina Home Foreclosures Increased 78% In June. According to the Charlotte Business Journal, the number of home foreclosures in North Carolina increased 78% during the month of June. There were 3,465 foreclosure filings in the state throughout June, which is an increase of 78% from June 2007. During the month of June, North Carolina had one foreclosure filing for every 1,163 households, placing it 25th among the states in the rate of foreclosure. [Charlotte Business Journal, 7/10/08]

23,500 North Carolinians Filed For Foreclosure This Year. Roughly 23,500 people in North Carolina filed for foreclosure during the first five months of 2008, according to the North Carolina Administrative Office of the Courts. In 82 counties in North Carolina, the number of foreclosures that took place in the first five months of the year was a greater number than took place in the previous year, said Adam Rust, the research director with the Community Reinvestment Association of North Carolina. [Carolina News14, 7/18/08]

Countrywide Under SEC Investigation. The Charlotte Observer reported that Countrywide Financial Corporation, which was purchased by Bank of America on July 1, faces a formal investigation by the Securities and Exchange Commission. Countrywide was a major player in the nation’s subprime mortgage mess, also is the subject of lawsuits by state and local governments and a reported FBI investigation, according to the Charlotte Observer. [Charlotte Observer, 8/7/08]

Dole Took $9,000 From Countrywide Financial. Countywide Financial, which is the subject of an investigation by the Securities and Exchange Commission, has contributed $9,000 to Elizabeth Dole through its political action committee during this election cycle. The PAC "supported candidates and legislators who shared [its] views on issues of importance to the company, its associates and its customers," said a spokesman, Rick Simon. [Wall Street Journal, 7/5/08; Charlotte Observer, 8/7/08; Center for Responsive Politics, Accessed 8/8/08]

Dole Took $2,000 From Countrywide While The Justice Department Investigated The Company. On April 16, 2008, Dole accepted $2,000 from Countrywide’s political action committee. That same day, the Associated Press reported that the Justice Department was investigating whether Countrywide misrepresented its financial position and the quality of its mortgage loans. [Center for Responsive Politics, Accessed 8/8/08; Associated Press, 4/16/08]

Dole Accepted $1,000 From Countrywide Lobbyist. In 2007, Dole accepted $1,000 from Doyle Bartlett, who was a registered lobbyist for Countrywide, according to Senate records. The next year, Countrywide would be the subject of at least three state probes of possible mortgage fraud. [Senate Lobbying Disclosure Act Database, Accessed 8/5/08; Federal Election Commission website, Accessed 8/5/08; Wall Street Journal 7/5/08]

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