An Open Letter to Senator Elizabeth Warren

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Mortgage and Lending with Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, NMLS #138061 MMCD #1141
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An Open Letter to Senator Elizabeth Warren

 

     Donald J Trump was inaugurated today as America's 45th President, whether you like it or not.  As a disclaimer, I'll say I did not vote for Trump, would have preferred another candidate (I also wasn't "with her") and thought that the choices this year were less than stellar.  I also sit here writing this after having just read about an riot where a bunch of assholes will be out breaking things and lighting them on fire  anti-Trump rally that's scheduled near my home tonight.

 

     I saw a friend who doesn't work in the housing industry, has no home buying experience, and knows nothing about the FHA loan program share a post that Senator Elizabeth Warren wrote (or allowed someone to post on her behalf) to her facebook page.  What irked me is not that my friend shared it, but that an elected official is so quick to put out materially false information.  Here is Ms Warren's post:

Elizabeth Warren housing

     I replied to her post directly on her facebook page, but wanted to share my response here for 2 reasons - for one, it already received positive feedback on her page and it may be removed, and two, because it's important that regardless of how we feel about elected official on either side, it's extremely important to take them to task and uphold their responsibility to the people.  We don't elect them to divide.  We don't elect them to deceive.  We certainly don't elect them to create and promote "fake news" simply to make their political opponents look bad.  This is my response to Ms Warren:

 

"Where were you, Ms Warren, when HUD made FHA mortgage insurance permanent for the life of an FHA loan, regardless of a borrowers equity position? I didn't hear you complain when that unfair change was implemented under Obamas administration --- harming in a very real way and financially exploiting low-moderate income borrowers. Where were you then?

Where were you when insurance premiums on the FHA product more than doubled under the Obama administration following the collapse of the housing market? You state this act DIRECTLY costs 40,000 people the opportunity at buying a home, simply leaving premiums where they've been (at .85% for most products) ---- Where were you when they rose from .55% to 1.35% for most borrowers? If leaving policy in place harms 40,000 people, how many people were harmed in the past 8 years by increases in premiums? You were silent then, do yourself and all of us a favor and keep silent now rather than spewing biased, partisan views which aren't even close to reality.

You know what else could have completely avoided this situation? If HUD made the announced changes a few weeks ago 'effective immediately', rather than conveniently putting them off til 1/27 --- care to explain the rationale behind that? 

Finally ---- you care so much about "responsible" lending and protecting borrowers --- care to discuss the fact that this change is likely to be the difference of $25-50/month for the vast majority of home buyers ---- if qualifying is really based on such a small margin, should those folks really be buying anyway if they're that strapped for cash (remember, FHA allows for higher debt/income ratios than conventional loans, so these "40,000 home buyers who can't get a home now" already can't even qualify for conventional financing)???

Get off your high horse and stop spewing information to your followers when 1) you're wrong, 2) you're only working to further divide an already divided country, and 3) you're beyond hypocritical if you can say you care about consumers, but are disappointed that cash strapped home buyers, thanks to this move, can't max out what they're buying, leaving them house-poor and a broken water heater or roof leak away from foreclosure"

 

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Ambassador
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

John- no matter which way anyone leans, it's tiresome to read or hear those trying to promote fear. Thank you for responding to her in a professional manner with facts.

Jan 20, 2017 06:28 PM #1
Rainmaker
1,518,812
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

For those like Warren it is always using position on issue for personal gain when convenient.

Jan 21, 2017 03:04 AM #2
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Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally
Too many career politicians work to further their own cause regardless of who it hurts. I too would have preferred to see anyone other than the 2 that were running but that wasn't the case. My response was to vote against all the incumbents and try for a clean sweep
Jan 21, 2017 05:06 AM #3
Rainmaker
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Raymond E. Camp
Howard Hanna Real Estate Services - Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

Good morning John,

If more citizens would become better educated they then would be able to know the right from wrong.

Make yourself an astonishing day.

Jan 21, 2017 05:44 AM #4
Rainmaker
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Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Alexandria, VA
Alexandria Virginia Homes For Sale

John, your comment to her was a "drops mic" moment - you couldn't have said it any better, stating the facts. I commend you. It's infuriating to me that so many people who hold a certain level of power try to put fear into American citizens.

Jan 21, 2017 02:05 PM #5
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

John you gave her an EXCELLENT response.  I just posted a blog on the history of the FHA MIP.  The most and highest increases to the FHA MIP were imposed by the Obama administration and voted on and approved by Warren.

Jan 21, 2017 04:55 PM #6
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

You are a man with the experience and knowledge to get her "what for."  

Jan 21, 2017 07:27 PM #7
Rainmaker
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Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

How bloody awesome is this, John? Then again, I'll admit that I'm not Senator Warren's biggest fan!

Jan 30, 2017 08:41 AM #8
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John Meussner

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