A Letter to a Senator - You Could Write One, Too!

Don- We have written these kinds of letters and we are writing more, especially about Countrywide, they are the ones we have issues with. We have been very blessed with Chase, Citigroup, WAMU and all the small banks. Katerina

Don,

I just wonder if these Executives at these Banks have any real education or if they just cheated while getting their Degree!!  But you know, in one sense they are very smart.  They certainly fooled Congress.  But if you watch any of the Congressmen on T.V. they are either yawning or sleeping while in session.

Thank you,

Jeanette Hemmer, Re/Max Plus Realty, Clarksville,Arkansas

Here Here, I have written similar ones with much stronger words. Of course I'm not bashful, I think Politicians have lost the right to govern, trust or respect.

Don, I don't really think they care. Seems like it's all some sort of game to them.

Been there, done that.  Had a property that was listed at $439,000, we offered $400,000.  Bank didn't counter and lower the price to $409,000 a weel later.  They sold it for $350,000 a year later. 

I can show tons of the opposite examples, where the banks are disposing of REOs at extremely low prices for properties, where they could get double of what they are asking.

I actually do not quite understand both sides here.

Don, as I wrote you earlier. I give you credit for taking a stand.  If we do not at least try to give the politicians some information, good solid information, they only get the side of the financial institutions and their lobbyists.  We have to try, and I thought your comments were factual and fair.  Great job! 

Feels good to get it out doesn't it? 

Diane

What exactly is a "Toxic Asset" and how does a "Toxic Asset" relate to the average home owner?  Would any consumer who is having trouble making their mortgage payment be considered a "Toxic Asset".  Why would all banks not Foreclose on all of them and sell off to anyone willing to purchase them, in this case Uncle Sam?

Hey Don,

  This is an excellent letter that you have written.  I hate to admit it, but I just do not believe that this technique works and that has led me to be complacent.  In the end, you are right and I am wrong.  Complacency has never solved any problem.  Instead of putting Mark McGwire and Barry Bonds in front of Congress, we should put you in front of Congress with this story.  Only then will this be heard.  I hope that I am wrong and that this is the beginning of change.

My buyers made an offer on a short sale ,  of $227,000 I was told to get lost, in not so polite terms, the house was listed at $239,999 and in terrible disrepair.  A few months later it sold in foreclosure on the Court House steps for $160,000.  Who lost?  Everyone except the investor who bought it, and remarketed it for $225,000.  This goes on and on and on.  The banks do not have a clue, they can not buy a clue of how to deal with Real Estate, assets, they are not TOXIC assets.

Don - fantastic letter, perhaps you should also send it to the chairman of the boards of those lending institutions. When boards realize how much money the company is losing, they usually act, in a much more efficient manner than the government, to correct that bleeding of profits. Well, maybe that is just my wishful thinking.

I don't know how I missed this one.  But, it is very well-written and as Mike said, should be send to the Chairmen of the Board of those lending institutions.

You know that the lenders are still as idiotic as ever.  Where are their boards of directors?  And, why don't they make them listen to voices of reason in this debacle?

I've seen just what you wrote about, and it makes no sense to me. I admire you for taking a stand and writing your congressman.