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News Economy Wednesday, Nov 2 2016

Toomey's Bank Wouldn't Lend To Low-Income PA Families — But Toomey's Plane Company Got A Loan

Nov 02, 2016

Pat Toomey’s bank wouldn’t loan money to low- and moderate-income Pennsylvania families — but it was happy to give Toomey a loan for his private airplane-leasing company.

Team Capital Bank — the bank Pat Toomey founded and owned — was profitable for Pat Toomey, even as he tried to repeal consumer protection regulations on the Banking Committee. But Team Capital hasn’t similarly been a positive for Pennsylvania families. Case in point: Team Capital used a controversial foreclosure tactic banned in a number of states to try to foreclose on at least 20 Pennsylvanians’ homes.

And that isn’t all, Team Capital also got in trouble with regulators when it from 2006 to 2009 “failed to lend to low-and moderate-income borrowers.”

Meanwhile, during that same period Team Capital gave Pat Toomey a loan worth between $100,001 To 250,000 for his private plane-leasing company.

Low- and middle-income families in Philadelphia weren’t able to secure loans from Toomey’s bank, but Toomey was doing just fine, jetting around the state on his private plane.

That’s Pat Toomey’s mentality in Washington: he fights first and foremost for Wall Street, working to roll back consumer protections that leave Pennsylvania families vulnerable to predatory big banks.

Pennsylvanians deserve better than Pat Toomey, a Wall Street stooge who’s too cowardly to stand up to Donald trump.

Background here.

Published: Nov 2, 2016

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