I have been outraged about the bailout since the beginning. Something just did not smell right about this ECONOMIC CRISIS. Something smelled of a rotten fish.
From the credit default swaps, to the crazy loan offers, to the buy now pay later which is turning out to be the equivalent of a Rent to Own Nation.
Hold on to your hats folks..because this Mortgage Mess has little to do with poor sorry people getting duped into signing on to ARM mortgages.
Oh No....it is all about FRAUD...and no one seems to be going to jail. It is now time to take charge of this situation and demand accountability. We must force our Reps in the Government to hold these people accountable.
And this is why I am sharing my letter currently being faxed to every member of the house and senate with you. DEMAND Accountability and Consumer Protection.
December 7, 2008
To Senators and Representatives of The United State of America,
I recently wrote to Sen. Sanders about my concern over the wide spread mortgage fraud that is assaulting our economy. It is a travesty - that this is not being given enough attention on the nightly news and certainly nowhere near the attention it needs by our representation in the US government.
I am sending you a link to a story in today's Miami Herald, this is only a small snippet of the mortgage fraud story that is going mostly untold.
www.miamiherald.com/news/front-page/v-fullstory/story/802703.html
Please note - Argent has been bought out by Citibank. Yes - the same Citibank that we the people have fired up the presses for to print a massive amount of money to bail them out. As President Elect Obama would say – we are being hoodwinked and bamboozled.
Perhaps I would not be so outraged if this was not the same Citibank that two days prior to the bailout sent me a letter saying they were raising my default APR to 29.99% on my credit card. Or the same Citibank who will happily charge me a large fee for being 1 day late on my mortgage. Senator I pay all of my bills, taxes, and other expenses on time.
This is outrageous and you as an elected representative in Washington should at least force these lenders to stop assaulting consumers who are doing their part to pay their bills on time.
I will elaborate on a recent trip to Miami for Thanksgiving. A trip where curiosity brought me to view a foreclosed termite infested home that the borrower never moved into and defaulted on an Argent loan. A house where the borrower immediately cashed out $180,000 on a 2nd mortgage, defaulting on a combined mortgage debt of $600,000. This foreclosed home has no value other then its land because of the extensive termite damage. A house that, by the way, is appraised at $200,000 by the City of Miami. A house that sits in a neighborhood where crack dealers and prostitutes are only a stone's throw away. A house that a single mortgage payment was never made on.
If you can not do anything about this insanity other then be vocal and honest with the American people then that is what I implore you to do. Moreover I implore you to launch an investigation into Citibank. I would like you to ask them why they would purchase such a nefarious business and then 6 month later ask for a gigantic hand out from the people of the United States. I would like to know that my tax dollars on not being spent to make criminals wealthy.
This is outrageous and I hope that you are equally outraged and will use your position of power to hold these people accountable.
Kindly,
HH