Wednesday, March 14, 2012

CD6 War: New Delaney Mail Piece Boasts of Saving Businesses // Garagiola Campaign Claims Delaney Foreclosed on Homeowners

The Democratic Primary for Maryland's 6th Congressional District is heating up. Businessman John Delaney is out with a new direct mail piece asserting that he saved businesses. Meanwhile, State Senator Rob Garagiola sent out a press release and video accusing Delaney of foreclosing on homeowners. See both communications below:

CD6: John Delaney Direct Mail Piece


 John Delaney Foreclosed on the Homes of Working Families

GERMANTOWN, MD – According to a search of the Maryland Judiciary’s electronic database, documents reveal that John Delaney and his company, CapitalSource, foreclosed on the homes of working families during the economic recession and have filed hundreds of foreclosure cases against homeowners in four Maryland counties – Montgomery County, Anne Arundel County, Prince George’s County, and Baltimore County. Please see the attached document for his record.

Delaney and CapitalSource used a backdoor process by purchasing tax liens of as little as a couple of hundred dollars, then aggressively jacked up interest rates and forced the homeowner to cover attorney fees, resulting in families being put on to the street. Once a family was removed from their home, John Delaney and CapitalSource collected a sizable profit on the property.

In a scathing attack on Delaney’s business model, the University of Dayton Law Review denounced the practice, focusing on Delaney and CapitalSource’s attempts to foreclose on up to 1,670 in Ohio’s Cuyahoga County. In an examination of Delaney’s business model, the Editor-in-Chief of the University of Dayton Law Review denounced the practice of “putting tax liens into the hands of aggressive, private investors that seek only to turn a profit from the misfortune of others…These private investors are exacerbating the foreclosure crisis by aggressively foreclosing on these tax liens. Aggressive private companies push out homeowners, foreclose on the homeowners’ properties, collect their profits, and leave entire neighborhoods full of abandoned properties in their wake.”

“What John Delaney and CapitalSource have done – foreclosing on the properties of homeowners and pushing working families out of their homes – is sickening and abhorrent. For just a couple of hundred dollars outstanding, John Delaney and CapitalSource have targeted working families and manipulated the rules to turn a profit,” said Rob Garagiola. “Forbes magazine was right when they called John Delaney a ‘loan shark’ for bankrupting small businesses, but what he’s done here is inexcusable. On a moral level, there is something very wrong with the way John Delaney made his quarter of a billion dollar personal fortune. John Delaney has worked very hard at hiding how much money he’s made with unethical business practices. But the truth is coming out,” concluded Garagiola.

Click here to watch how John Delaney foreclosed on the homes of working families.

Please see the attached document or click here for his record.


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