Paulson was wrong says Paulson?

For those of us in the industry for over 20 years instinctively knew Paulson's "plan" was a sell job more than a solution. If you thought the government had a "plan" after collateralizing the taxpayer for 700 plus billion I'm sure after this press conference it is now clear they did not.

Mr. Paulson says the facts changed on the ground and the fact is they did not. The derivatives' were worthless then they are still worthless now and this is the big lie. Congress saw the politics of it and passed something for the sake of passing something for political cover. This Treasury secretary is talking down to the public and cannot come out and say they don't have a plan.

Barney Frank, Chris Dodd, Nancy Pelosi and Harry Reid (leadership) and friends (on both sides of the isle) have some explaining to do. They clearly have no idea of how our business works. As Barney continues to hold the "blame game" hearing instead of hearings to learn about how the credit markets work is shameful. Again this is an exercise of political cover more than the good of the American people. Again this is shameful.

If you are struggling on your mortgage payment and call the servicer of your mortgage (the name of the company that accepts your payment each month) you can expect little or no relief.

First off they (the servicer) do not own the note to your mortgage. Someone else owns your note and that someone else has no financial incentive to negotiate anything otherwise they take a financial hit. So when you talk to your servicer for relief you may as well talk to your dog.

Even though the previous statement is bleak I will recommend you call your servicer to let them know of your situation and I would still recommend you try to make it work understanding you may need a contingency plan.

If you think the next administration is going to "solve" this you are wrong after all it is the same congress with even more power than it had before and remember this congress has a 9% approval rating. An approval rating that is substantially lower than the lame duck president so please be realistic.

The days of sitting on your pen instead of picking it up is gone unless you think sticking your head in the sand is a solution. CALL or EMAIL your representation NOW. Tell them you expect them to understand the problem and address this problem. TELL THEM TO QUIT PLAYING POLITICS WITH YOUR LIFE. Tell them you want to talk to your note holder and negotiate the loan. Tell them to focus on the problem.

If you want the bleeding to stop you must apply pressure to the wound not somewhere else wouldn't you agree?

Remember, "If you keep doing what you're doing you only get what you are currently getting" and in this instance "we the people" are getting crap on a platter and putting a bow on it still makes it crap! It is time for all of us to contact our representation or expect nothing!

I wish you all well.

PS. Thank you for indulgence. This is a bit of a rant today.