Frank Louis
They have no clue: really, no clue
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By Frank Louis
February 2, 2012

After sitting out for a few weeks due to a variety of reasons, I see it is now past the time for me to again attempt to point out the one and only solution to our nation's economic problems which, as we all well know are all rooted in housing. While I could make a strong case that it is the increasing lack of any moral code that is the root of the entire nation's demise, for now, I will focus on the housing crisis: the "executioner" of America's middle class.

Has anyone noticed just how little any of the final 4 candidates even talks about housing? At least Santorum has mentioned some sort of tax write off idea which is the first time I have heard of anything that even resembles any recognition of Americans who actually lost money they invested in real estate. As I have pointed out now for several years, not a single time have I heard about the people who invested their savings in property that was fraudulently over valued due to the subprime game that was going on in the back room.

One of the interesting documents I have been reading is the transcript of the testimony at the SEC hearings regarding the Fannie Mae exposure to subprime during the boom. If you recall, the word from Fannie Mae was that exposure to sub prime was "only" a few billion dollars ("only?") which amounted to less than 1% of the total balance sheet. But wait! Now we learn in these testimonies that the figure is still growing, it has surpassed $180 billion, may be well over $200 billion and is closer to 20% of the pie. The SEC, as you know, is investigating this because of lawsuits by investors who bought the mortgage-backed securities. Seems that their lawyers are arguing that these investments were misrepresented and these investors should get their money back.

Hey, where are our lawyers? You know, the ones who are fighting to get our money back. The money that we invested as down payments in this inflated market and immediately lost as the "values" plummeted... Oh, that's right, we don't have any lawyers... only the ones who want to "help" us file bankruptcy, "short sell" or otherwise seal the deal on our ruined financial futures.

Americans, this election, while the candidates are still reachable in small venues, is the opportunity to ask them "when do we get our refunds on the down payments we made?" Tell them that the solution is not bailing out homeowners who did not invest a penny; their responsibility is to us, the people who worked, saved, and were robbed. Please, if you have the chance, just ask them. Get this subject into the political debate.

© Frank Louis

 

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Frank Louis

Frank Louis is a print and on-air commentator who offers opinions and solutions on and for the economy, social issues, and the future of this nation. In the Old Testament, Nehemiah 4: 14 instructs us to fight for our houses; something we need to be doing now. Our future generations depend on it!... (more)

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