Daily Archives: August 21, 2014

Another Reason to Retire Sam Brownback: The Senate Subprime Car Loan Sleaze

By William K. Black

When Sam Brownback was a Senator he carried water for the sleaziest of auto lenders – the subprime lenders that specialize in making “liar’s” loans.  His successful mission was to carve out an exemption from the Dodd-Frank bill’s protection for borrowers.  We had just seen the CEOs controlling similar home lending specialists lead the three mortgage fraud epidemics that blew up the global financial system.  The bill’s drafters and President Obama strongly opposed the Brownback carve out, but Brownback’s brigade of auto lobbyists made road kill of their opponents.

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