AZ Lawmaker In F'closure Drops Proposal To Hold Banks Accountable During Loan Mod Negotiations After Scoring 50% Loan Principal Reduction

In Phoenix, Arizona, Blog For Arizona reports (based on a KPHO-TV Channel 5 story):

• Republican Rep Carl Seel got a "principle reduction loan modification" on his home loan to the tune of $100,000 while he was facing foreclosure. That amounted to more than half the principle he owed.
• Before his principle was cut in half, Seel had planned to propose an amendment to hold banks accountable during foreclosure negotiations. You know, protection for people like him. But after he got the loan reduction, he dropped the amendment.
• Seel swears there was no quid pro quo. I'm sure he's telling the truth, in a literal sense, anyway. I doubt there was a deal that he would drop the amendment in return for a $100,000 loan reduction.
• But there are two other options, both of which give off a very bad odor.

For more, see Probably not a bribe. But was Carl Seel's $100,000 mortgage reduction a gift?