Dear Sir;
I am calling on you to initiate hearings in regards to the corruption prevalent within the Real Estate Industrial Complex. Many of these fraudulent and corrupt practices have led to the housing bubble, and now housing collapse. Initial points of investigation should include:
* Corrupt appraisers being paid off or promised future business in return for "making the numbers work"
* Mortgage brokers kicking back realtors when recommending their services
* Developers who gave money to bogus charities, who gave the money to new homebuyers to in order to purchase homes from those very developers
* Realtors steering clients to homes and developers where they were being paid bonus commissions or kickbacks, and not disclosing this to the buyer
* Rampant mortgage fraud, underwritten by firms who knew the applicant was unqualified, knowing that the loan was to be held by an unsuspecting third party or commoditized
* Deception practiced by the National Association of Realtors, promoting homeownership when they knew prices were declining and unsold inventory was skyrocketing
* Insider stock sale transactions by Bob Toll and others, dumping their shares at the peak while cheerleading their stock and prospects to the public, knowing the market was deteriorating, cancellations skyrocketing and their stock price and business model soon to decline
* Fannie Mae and Freddie Mac cooking the books and running out of control, imperiling the US financial system
* Congressmen taking outright bribes and campaign funding from the Real Estate Industrial Complex to "look the other way"
* The impact of misguided tax policy (cap gains tax exclusion for home sales) and policy ("ownership society" encouraging people who could not afford houses to buy at the peak) on the housing bubble
* The actions of the Fed and ultra-loose Fed policy in creating the bubble, including Greenspan's recommendation in front of Congress for people to get into ARM loans right before he began raising interest rates.
The population will be in full panic mode soon as the Housing Ponzi Scheme collapses. It is your duty to protect the American people from this ever happening again, by cleaning up the Real Estate Industrial Complex as you helped to with the corrupt Analyst / Investment Banking relationships, and corporate systemic fraud and deception during the dot-com bubble and bust.
Thank you
August 10, 2006
An open letter to Congress to call hearings on the corruption within the Real Estate Industrial Complex - please send to your Congressman
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23 comments:
Hey Keith,
How about K. Hovnanian borrowing $250,000,000.00 a few months ago? That is a quarter of a billion dollars. Why would a homebuilder that is saying they are doing great and buy this house need to do that?
get over it you whining loser.
Dear Sir,
I'm going to present to you a bunch of references to anecdotal, non-specific charges in an attempt to sound smart. You in turn will not read my letter and send me back another letter stating that you too are concerned with the Housing business and to vote for you in the Fall.
Sincerely
Dir Da Dir
Keith,
Checking in from Central Ohio. 2 homes just sold on my street, less than 1 week on the market, one at asking price, the other a few k under, both sellers profiting nicely. Both homes were impeccable inside and out, each 4-5 years old.
Uh, what bubble?
When are we going to realize that though it’s politely incorrect to say that young arab males are incapable of living in western nations, it’s our only choice.
It’s in the blood to kill.
They all need to be sent back to their tent huts in the middle east, and if they give western civilization any more trouble, we should make them go away!
How’s that for a redneck comment?
As a lending professional, I have been frustrated by all the borrowers begging me to get them approved for more just so they can keep up with their friends and buy a McMansion like them. It's not about having an affordable comfortable home but about "Keeping up with the Jones".
When I am asked how all these 20 & 30 something couples can afford such expensive houses I tell them, "They can't and they won't for long".
Anon 2:51:02,
I'm not a redneck, but I share your views. Their likeable, friendly and good natured faces, sometimes, are a disguise to their deeply rooted motives and beliefs.
Send this letter to ELLIOT SPITZER -New York State Attorney General !!!
He`s good at suing big wigs !!!
Dear Sir,
I would like to officially change my name, from John Q. Taxpayer to Bend Meover, as it is more representative of my role in current events.
Thank you very much!
Signed: formerly John Q. Taxpayer, now Bend Meover.
Oh Yea, we'll get right on it.
Anon 2:51:02
As an Ex-Muslim and current atheist, I agree with you. They do not deserve to live in western cultures, they should go back to the same Si!!t hole they came from.
Congress investigating a criminal conspiracy in RE? LOL! -- talk about the pot calling the kettle black!
I nominate Cynthia McKinney and Tom Delay to lead the bipartisan commission that will get to the bottom of this.
"young arab males are incapable of living in western nations"
Yeah fellows, a lot of Arabs look Sicilian so if a lot of Sicilians are good Americans today, then why can't Arabs live here?
I like the idea of the letter. Vote.com has a system that based on your zip code automatically sends how you feel on an issue directly to the email addresses of your political representatives at the local, State and Federal level.
If somebody on this site could program up something like this for this site or even another site that Keith could joint venture with, that would be HUGE. We could blast out thousands of those form letters and we'd really get some attention, especially if email addresses to the MSM were included!!!
How about it Keith!!!
Dear Government Official,
Please reform the real estate industry and throw all the moon god loving muslims OUT of our country! PLEASE!
In the end, people have no one else to blame other than themselves. From USA Today - and note that the person is a math teacher.
'It's crazy'
"Real estate is probably the best investment any young person can make," says Yadiris Ferreira, 29, who bought a condo last month in Pembroke Pines, Fla.
Still, her mortgage, including homeowner association fees, totals $1,800 a month — more than half the money she takes home as a high school math teacher. "It's crazy," Ferreira concedes.
But, she explains, "If I didn't buy something soon, it was going to get to the point that I couldn't afford anything."
Lots of other people thought the same way during the boom years. But now home sales are falling, and in some cities, prices have started dropping, too. In June, condo prices fell 2% nationwide, and single-family home prices dipped in several markets, including San Diego, Boston and Washington.
Unfortunately, there is one born every second.
Dear Sirs,
Please stop supporting Israel. It is obvious they cause all the terrorism in the world.
Dear Sirs:
It would be so easy to stop this senseless violence and terror. Convert America to the glory of Islam with a Constitutional amendment, and kill every Jew on the planet. Only then will we consider sparing your sorry, infidel asses.
Sincerely,
Ahab Q., a moderate voice
Ahab? Shouldn't you be out hunting for a huge dick?
"Assistant! Get over here!"
"Yes, Senator?"
"Are you done watching 'My House is Worth What?' for the lowdown on the important social issues facing our constituents?"
"Yes, Senator, almost done."
"OK. I've decided we need to get involved in this housing thing. I've received three insightful letters from some crazy bloggers who hate women, and what they say frankly disturbs me. Apparently, there's some kind of criminal conspiracy to inflate the price of homes. We need to get right on it! Email senators X, Y, and Z, and congresscritters A, B, and C. Email the president. We need to meet on this as soon as possible and get to the bottom of this crisis. Got it?"
"Yes, Senator."
"I'm serious. We have to find out why my house has gone up in price so much and prosecute the individuals involved. This should never have happened to our voters. What a catastrophe! Oh, and when you're done, get me some more info on this housing bubble thingy and see how we can make some real dough on this. Capiche?"
"Yes, Senator." (The end)
Reality will be more like a congressional hearing to investigate why so many people are defaulting, getting foreclosed, and going BK. Perhaps a bit of "why all the flight to Caymans, Brazil, etc."
There's no congress/senate involvement until blood flows in the streets. Sure, there will be in the next year or two, but then it's merely a finger-pointing exercise.
Honestly, this blog entry made me LMFAO. Just the thought of a congress member cracking open some letters from loser constituent bloggers whining their sad, sad story about he price of houses... Now that's Real Comedy(TM)! Truly a gotta-clean-up-the-keyboard moment.
Not that I don't agree. You just can't give congressman the kind of credit it'll take to assume they'll see the housing bubble, too. (Though probably everyone will agree on it in a few years.)
I think it's a terrific idea Keith and if it could be set up for "ease of delivery" like the above poster suggests, that would be awesome.
Corruption in Real Estate? Oh my God what's next No Santa Clause?
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