Last week, the Attorney General in the state of New York cracked down on a reverse mortgage loan firm that had ben using misleading advertisements to trick senior citizens into getting bad loans. The lender itself has to pay a significant amount of money in fines but the lender isn't the only one who is out some cash in this equation. A politician in the state is also planning to return some funds which were given to his campaign from employees of the bad lender.
Democratic congressional candidate Dan Maffei had received about $16,000 in campaign funds from employees of the questionable company. There have been no accusations that there was anything wrong with the contributions in terms of the role that the candidate played in accepting them. He may not even have known that the money was related to bad reverse mortgage lending. However, he says that returning the funds is the right thing to do.
Learn more here.
Question of the Day: Is returning the money the right thing for the candidate to do?
