Spinning through the revolving door
I’ve seen some amazing cases of spinning through the Washington revolving door, but this one might take the cake. Brian Montgomery is President Trump’s nominee to lead the Federal Housing Administration, whose mission is to help first-time homebuyers. Montgomery led FHA before – from 2005 to mid-2009. During that time, big banks like Wells Fargo submitted thousands of fraudulent mortgages to FHA, costing the government millions of dollars. But a month after leaving FHA, Montgomery co-founded a company that advises banks – including Wells Fargo – on how to pay the government back as little as possible for defrauding FHA. That’s right: Montgomery let big banks submit fraudulent mortgages on his watch and then founded a company to advise those banks on how to avoid paying the government back. Now he wants to run FHA again. Are you kidding me? It doesn’t get swampier than this. All of my colleagues, Republican and Democrat, should oppose this nomination.
Posted by U.S. Senator Elizabeth Warren on Monday, October 30, 2017
