The Associated Press has a story out today that details the vast lobbying efforts to prevent regulation of the mortgage sector.
"Internal Freddie Mac budget records show $11.7 million was paid to 52 outside lobbyists and consultants in 2006. Power brokers such as former House Speaker Newt Gingrich were recruited with six-figure contracts. Freddie Mac paid the following amounts to the firms of former Republican lawmakers or ex-GOP staffers in 2006:
_Sen. Alfonse D’Amato of New York, at Park Strategies, $240,000.
_Rep. Vin Weber of Minnesota, at Clark & Weinstock, $360,297.
_Rep. Susan Molinari of New York, at Washington Group, $300,062.
_Susan Hirschmann at Williams & Jensen, former chief of staff to House Majority Leader Tom DeLay, R-Texas, $240,790."
Click the link to read the full story about how lobbyists prevented regulations that would have lessened the impact of bad loan practices on the rest of the economy.