Here was our call from August 2006 for Senator Dodd and his corrupted committee on housing to open an investigation into the REIC and housing bubble. Still no luck, as he's more concerned with an election-year housing gambler bailout and protecting his donors, but let's try again. 18 months have passed, and still no action. Amazing.
Knowing what we know now, an investigation is almost unnecessary, as we now know many of the guilty players, the corrupted financial instruments, the role of CDOs, SIVs and monolines, and pretty much how we got into this mess.
But the Senate should subpoena the fraudsters (and its donors), get them to testify under oath what they knew and when they knew it, and then write the legislation to make sure it doesn't happen again.
But that would involve Senator Dodd doing his f*cking job (sounds of crickets chirping), which I understand is kinda tough considering he's guilty, and his top contributors are guilty. So maybe we need an investigation of Dodd first.
Richard Shelby, the ranking GOP member, is also on the take from the REIC, but not as bad as Dodd, so you can also contact him here.
And go ahead and contact the corrupted and REIC-bribed Senate Committee on Banking, Housing and Urban Affairs here. Even though the NAR, NAHB and Wall Street banks have paid off the monkeys running the joint, enough pressure from voters might help others on the committee rise up against Dodd, or out him as the corrupt monkey he is. Or god forbid someone in the MSM does their job and starts pushing this too.
An open letter to Congress to call hearings on the corruption within the Real Estate Industrial Complex - August 10, 2006
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.