So, Here's My Question....Where's the Money?

If real estate is the backbone of our economy, why are the banks holding on to all of our money? Sure, we know about the subprime mess. Get over it! Why are they punishing people who have good credit, jobs, education and downpayment monies? They say they are afraid of home values falling. Well, if you have a client who has never missed a mortgage payment, never missed any bill payment, has assets up their arms, why, oh why, are they denied a loan? The house is now worth nothing? C'mon! Are they kidding??

Every market is not at a 50% loss. Mine sure isn't. Heck, a house just sold on my street months ago, for a really good price. Higher, than I would have expected. The prices are good here! Why punish us for other's failures? The banks are so distrustful that they are hurting themselves. I don't think they get it. The money you were given, was taxpayer's money. Put it back to work for us!

Let's get going and recover the market. In turn, it will help the economy. It isn't rocket science, though, the Congress hasn't figured it out yet. They will, eventually.

Here's what I did last week. You all know that I write my notes daily. Well, I wrote to the new President, my state's Governor, M.Jody Rell and to Attorney General Richard Blumenthal (CT). These personal notes asked for help. Help with these home loans, lines of credit and funds for small business owners. Self-employed individuals can no longer borrow monies. They will not loan money for stated income any longer. How can you build your business? How can you stay in business? Good credit no longer matters.

How about the high interest rates on your credit cards? Isn't that a joke? How are they even getting away with that! The new law that Congress passed to protect the consumer from this price gauging, takes effect in 2010. It is not retroactive. It begins then, includes no back balances. Is that why they are raising the rates so? Paid on time, yet, 30%? Is no one watching them? In the state of Connecticut, we had a cap of 18%. They could charge you no more than that. In 1994, our state legislatures, let that cap go! Wonder why? Campaign contributions? Who wasn't watching then?

So, write a note to your favorite politician! Let them know that you've had it. We need to sell houses and now! We need their help and now! They can fix this and begin, now. Let them hear from you. Cause them to change it! They value your vote. Congress is up for re-election in two years. Start writing!

Google your state, and then, start writing your notes to the people who are there to serve you!