Frank Louis
They have no clue: really, no clue
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


The views expressed by RenewAmerica columnists are their own and do not necessarily reflect the position of RenewAmerica or its affiliates.
(See RenewAmerica's publishing standards.)

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)


Receive future articles by Frank Louis: Click here

More by this author

October 2, 2019
The actual whistleblower identified by me

August 5, 2019
Some thoughts on the recent shootings, our constitution and direction

May 15, 2019
RE the Alabama abortion ruling: I'll tell you what to keep out of your uterus!

April 23, 2019
The over borrowed saved again: It all sounds so good doesn't it?

April 13, 2019
Tell me, why is it "Illegal" to send migrants to sanctuary cities?

December 22, 2017
Why not a celebrity tax: Put an end to the wage gap...why not cap these incomes!

October 12, 2017
More and more hyperbole tossed around by liberals

October 3, 2017
Since when is sin Constitutional; and now: Las Vegas... what is next?

May 15, 2017
Cultural appropriation, commencement speeches and logic: no relationship

April 17, 2017
Donald, it's just one sentence, say it: "From this moment on, Veterans..."

More articles