This time I've written to Mel Watt, Jack Lew, and Mr. Obama. Since DeMarco and Geithner got us into the sweep I figure Watt and Lew can get us out. Call it "holly logic"
This is reality on the housing crisis from what I've seen around me everyday.
I have owned several homes, I bought a home in 1986, I had the same job for 6 years, I had my income, employment, bank records and tax records all confirmed before I qualified for the mortgage. In 1993 I bought a home, now I had the same job for 13 years, again my income, employment, bank and tax records all verified. Again it's 1998, now I've had the same job for 18 years, same process though, bank records, tax returns, income, employment and now credit score. Let's fast forward to June 2005, I need a home equity line of credit and call my mortgage company Citibank. Imagine my astonishment when they appraise my home over the phone and offer me $400,000!!! I needed $75,000 and that's what I borrowed. Had I done what so many others in my neighborhood had done, taken the money and bought toys, cars, clothes, ETC ETC I now would not have my home today, most of these people don't. The crisis was not caused by Fannie Mae and Freddie Mac but by greedy banks willing to give a loan to anyone who had a pulse. It is unconstitutional to confiscate private property (Fannie & Freddie) This is a publicly traded company and needs be be released from conservatorship now. Without them the American Dream of home ownership will cease to exist, no bank will ever carry a mortgage for 30 years .
