Frank Louis
Try to get a candidate answer this question: bet they won't
By Frank Louis
April 13, 2012

Recently, my small group attended a political rally for a candidate and we were rather disappointed by the whole set up. First, we had emailed and phoned in our RSVP. As well, we had been called by the State GOP asking us to attend and gave our RSVP then as well. When we arrived, we were not on the list. We decided we were probably just having our contact information added to a fund raising database.

We did manage to get into the event however, but were seated in the back only to find out that we were not "qualified" to ask questions. Only the people in the VIP section could ask questions. Most of the questions, we felt seemed scripted and the answers definitely scripted. The questions and answers are rather generalized and receive the same "generalized" answers. Questions that seemed to be unscripted were not directly answered but used as a way to go to another topic.

Quite frankly, I have heard enough "generalized" answers to "generalized" questions on immigration, the economy, whatever. We know words like "crack-down," "enforce," "provide jobs," etc; but don't you miss specific answers to specific questions regarding specific issues. I know I do.

Recently, on a nationally televised news program, the host mentioned housing to some of the expert guests on economic issues. The host asked "What about the person who bought a house for $500,000 and now it is only worth $350,000?" They shook their heads solemnly, and someone said "Yes, this is a real problem and must be addressed." And that was about that. I did not hear any of the experts on this show say one word about the fact that some people actually lost money on their real estate purchases because they used "actual real money" for down payments. Money they had saved or perhaps refinanced their homes to get. Either way, they were robbed as I write often. The values they were quoted on the properties they purchased were fraudulently derived and the banks were not giving full disclosure on the market's condition either.

So, I have written a question, which is in the paragraphs below. It is the question we brought to this political event with hopes to get a specific answer on this specific question regarding people who made down payments and lost money and people who did not pay anything but are somehow now referred to as being the "hardest hit" by our government.

So, please, take this question with you if you want this housing crisis to get settled. Copy it and send it to anyone who is running for anything in your area. Just maybe some official will realize just what has happened to our nation.

And, if you have not done so yet, go to and listen to his 30-minute interview with me from the April 11, 2012 program.

The Question:

There are two distinct demographics affected by this housing crisis. People who made down payments and lost every penny and those who did not make any down payment at all who have lost nothing. Why is there no mention in any media or by any politician to the fact that those who invested actual money are the truly "hardest hit" and should be the ones our nation is trying to assist, not people who invested nothing?

That is; those who worked, saved, and invested their money in a real estate market that was fraudulently misrepresented to them by the industry and by the US Government were robbed. Aren't they the "hardest hit," and shouldn't they be the target of these mortgage solutions? This includes those who lost their long earned equity as a result of this scheme and now may also be underwater in their property values.

In 2005, Fannie Mae, for example claimed to have less than 1% exposure to subprime, now they are admitting to as much as 20% exposure. Do you think for a minute that, at the time, we had known this was the case and that the banks, government, and real estate industry were not in full disclosure as to the condition of the market, we would have invested our hard-earned cash? I call this fraud. Do you? Lack of full disclosure?

What is your stance on this and what, if anything, is or should be done to return us our invested life savings?

Now we are reading and hearing about yet another ill-fated "solution" to the mortgage crisis being conjured by the Treasury.

The plan has several stipulations; among them the property must be owner occupied, behind in payments at least 2 months, and upside-down in loan to value by 125%.

However, there is no mention of how this property may have would up "underwater" only that the negative loan to value ratio is a requirement.

If two individuals bought similarly priced properties around 2005 at the peek of the market, and one had a traditional mortgage and placed a 20% or more down payment, that loan to value ratio will most likely not be negative and the borrower will not qualify for this program. This borrower will, however, have lost their entire investment. However, the other no money down borrower will qualify, having lost not a single penny, perhaps even having received thousands of dollars in cash back at their closing. Is this the "fair playing field" you want?

This seems a bit unfair as the first person in my example has lost perhaps $100,000 or more of their hard earned money and the person getting the bail out not only lost nothing but also contributed to the problem by assisting in the sky rocketing prices through these NINJA Loans that should never have been made.

Why is nobody talking about the fact that there are two separate and distinct groups of people in this market. Those who invested money and lost it and those who invested nothing but seem to be getting all of the attention?

The Americans who played by the rules have been robbed of their life savings and net worth as well as their good credit. Should they need to move (sell, retire, etc) their only solution seems to be bankruptcy.

Your comments please.

© 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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