I wrote a fairly long letter to Mr. Obama and then found out it had to be pared to 2500 characters. I removed all the really big words so this might sound a bit disjointed...
To my esteemed elected rulers,
My, my, my, it appears a nerve has been struck very hard by an upstart state taking exception to our federal government's open border policy. Taking a quote from our regime head "Our failure to act responsibly at the federal level will only open the door to irresponsibility by others. That includes, for example, the recent efforts in Arizona, which threatened to undermine basic notions of fairness that we cherish as Americans, as well as the trust between police and their communities that is so crucial to keeping us safe."
How is it when our federal government fails to act responsibly those who perform those responsible acts are classified as irresponsible? Let me see, the federal government is responsible for maintaining border security and does not, therefore the "citizens" of Arizona are requiring the state to perform cleanup causing the progressives to scream "profiling" and vilify the state legislature. How convenient! If the illegals had been stopped at the border the "profiling" would have been any creature with two legs and two arms climbing down the fence. OOPS, my bad. Another responsible act by the federal government gone by the wayside, no fence.
Yes, it is too bad Hispanics are going to take the brunt of this law caused by the unwillingness of the federal government to uphold the law, but they must understand the search will not be for blonde haired, blue eyed, pale skinned people who speak with a Scandinavian accent. This would be absurd. Those who are citizens or living in the United States legally understand decades of illegal cross border traffic is going to have its' consequences. Speaking from personal experience this is an uncomfortable position to be in but it is a necessary action.
Hey! She just signed the bill! Now the progressives have exactly what they want, a discriminatory bill requiring immediate action by Congress to be signed into law at the earliest possible moment to correct this injustice. Sad but true, these people are here illegally and the law making it illegal to be here illegally is going to be found illegal. And why you might ask, to restock your dwindling voter base, of course.
You rulers in Congress and the White House will continue to find new and interesting ways to remove more of my hard earned money and give it to those who will vote for you next election cycle. And now you will be able to stuff the ballot box with brand new voters.
Edward Rodda
Friday, April 23, 2010
Tuesday, April 13, 2010
Another Letter Sent From Heart, Another Computer Generated Answer...
Readers, again supposing I have any, if there was any question a computer is running Senator Nelson's office, let me put it to rest. My recent tongue-in-cheek email regarding my purported mortgage problems and my follow on email regarding government's responsibility in the mortgage crisis has been answered by a ... You Make the Choice.
Dear Mr. Rodda:
Thank you for contacting me about the Making Home Affordable program.
I believe foreclosure prevention is a crucial component to economic recovery. That’s why I voted for S.896, the Helping Families Save Their Homes Act of 2009, which provides strong incentives for the creation of voluntary mortgage modifications. Mortgage modification can help hard-working families stay afloat and preserves billions in equity for neighboring homeowners.
The Making Home Affordable Program furthers efforts aimed at preventing foreclosure by allowing borrowers to lower their mortgage payments through refinancing or modification. This program was designed to help 3 to 4 million at-risk homeowners avoid foreclosure. But I am concerned by reports that fewer than 6 percent of eligible homeowners have been able to obtain new loans through the program because of actions by the financial services industry. I will continue to work with my colleagues to pressure the banks we’ve been asked to bailout to do more to help homeowners through this crisis.
To find more information on the Making Home Affordable Program, please visit the website www.makinghomeaffordable.com.
I appreciate learning of your particular circumstances and the challenges you face. I’ll keep your situation in mind as we debate measures aimed at helping Americans who are struggling in these difficult times. Please don't hesitate to contact me again.
Sincerely,
Senator Bill Nelson
And my reply... You would think I would get tired of this!
Senator Computer,
Thank you for your reply to my letter regarding the financial crisis you in Congress have put us in by forcing lenders to provide mortgages to people who have a history of poor credit choices (please see my email I sent on the 2nd of April). It is obvious by your response you have a lot of things going on in that micro, and I do mean micro, processor of yours. I hope you are able to overcome the overload going on in between those memory sticks. Perhaps if you would have a human read my email instead of you trying to perform word association you would understand the point I am trying to get across to you.
In closing, tell your programmer I am not pleased with his performance in the Senate and plan to reformat him as soon as possible. I would recommend you start looking for a Reagan Conservative to plug your firewire into. I imagine he/she will have tons of memory and come preprogrammed with the "right" answers to bring about the rebirth of the Union in the spirit of our Republic's Founders.
With the respect due a computer (or a teleprompter),
Edward Rodda
Dear Mr. Rodda:
Thank you for contacting me about the Making Home Affordable program.
I believe foreclosure prevention is a crucial component to economic recovery. That’s why I voted for S.896, the Helping Families Save Their Homes Act of 2009, which provides strong incentives for the creation of voluntary mortgage modifications. Mortgage modification can help hard-working families stay afloat and preserves billions in equity for neighboring homeowners.
The Making Home Affordable Program furthers efforts aimed at preventing foreclosure by allowing borrowers to lower their mortgage payments through refinancing or modification. This program was designed to help 3 to 4 million at-risk homeowners avoid foreclosure. But I am concerned by reports that fewer than 6 percent of eligible homeowners have been able to obtain new loans through the program because of actions by the financial services industry. I will continue to work with my colleagues to pressure the banks we’ve been asked to bailout to do more to help homeowners through this crisis.
To find more information on the Making Home Affordable Program, please visit the website www.makinghomeaffordable.com.
I appreciate learning of your particular circumstances and the challenges you face. I’ll keep your situation in mind as we debate measures aimed at helping Americans who are struggling in these difficult times. Please don't hesitate to contact me again.
Sincerely,
Senator Bill Nelson
And my reply... You would think I would get tired of this!
Senator Computer,
Thank you for your reply to my letter regarding the financial crisis you in Congress have put us in by forcing lenders to provide mortgages to people who have a history of poor credit choices (please see my email I sent on the 2nd of April). It is obvious by your response you have a lot of things going on in that micro, and I do mean micro, processor of yours. I hope you are able to overcome the overload going on in between those memory sticks. Perhaps if you would have a human read my email instead of you trying to perform word association you would understand the point I am trying to get across to you.
In closing, tell your programmer I am not pleased with his performance in the Senate and plan to reformat him as soon as possible. I would recommend you start looking for a Reagan Conservative to plug your firewire into. I imagine he/she will have tons of memory and come preprogrammed with the "right" answers to bring about the rebirth of the Union in the spirit of our Republic's Founders.
With the respect due a computer (or a teleprompter),
Edward Rodda
Saturday, April 10, 2010
Maybe If I Start Writing Before They're Elected...
I went to Marco Rubio's website to see what direction he is headed in and found an interesting tax idea from Mr. Rubio so I emailed his campaign site a question...
I read in Mr. Rubio's biography he is in favor of a flat consumption tax. I perceived this was some sort of VAT and researched. I found an article by author: Marina Kesner-Škreb, Financial Theory and Practice, 2005, 29 (2), 205-208, stating the flat consumption tax (FCT) taxed net earnings of corporations only and incomes of individuals at a flat rate. It also did not tax earnings from interest or dividends. Is this the (FCT) Mr. Rubio was/is interested in bringing into fruition? In addition, as 47% of Americans have now been weaned off of paying taxes how does Mr. Rubio intend to bring those people back onto the tax rolls and bring "fairness" back to us left paying for National Defense and promoting the general "WELFARE"? In closing, if you are interested in more of my views, and those, I am sure, of other taxpaying citizens, please check out my blog at www.musings-of-a-concerned-american.blogspot.com. Don't be surprised to see this letter and your answer posted.
Respectfully,
Edward Rodda
I read in Mr. Rubio's biography he is in favor of a flat consumption tax. I perceived this was some sort of VAT and researched. I found an article by author: Marina Kesner-Škreb, Financial Theory and Practice, 2005, 29 (2), 205-208, stating the flat consumption tax (FCT) taxed net earnings of corporations only and incomes of individuals at a flat rate. It also did not tax earnings from interest or dividends. Is this the (FCT) Mr. Rubio was/is interested in bringing into fruition? In addition, as 47% of Americans have now been weaned off of paying taxes how does Mr. Rubio intend to bring those people back onto the tax rolls and bring "fairness" back to us left paying for National Defense and promoting the general "WELFARE"? In closing, if you are interested in more of my views, and those, I am sure, of other taxpaying citizens, please check out my blog at www.musings-of-a-concerned-american.blogspot.com. Don't be surprised to see this letter and your answer posted.
Respectfully,
Edward Rodda
Friday, April 2, 2010
Two Headed Answer on Mortgage Regulation...
Readers, if there are any... If you believe a human reads the letters to a senator check out the computer reply to my tongue-in-cheek mortgage letter. And read it real close... Tell me he doesn't say what progressives and conservatives want to hear.
Dear Mr. Rodda:
Thank you for contacting me about regulatory reform to the mortgage industry.
I support efforts to better regulate the mortgage industry, as I believe the current housing crisis stems from a lack of regulation on an industry that ran amok. From predatory lenders to land speculators to questionable appraisal practices and risky investments by Wall Street investment banks, we need to address all aspects of this crisis.
But I understand concerns about the impact of new regulation on the housing market. We must guard against excessive regulation, while providing the necessary measures to stabilize the market. I am open to new ideas that protect consumers, promote high standards in business, and discourage companies from acting in bad faith.
Thank you for sharing your thoughts. I'll keep your concerns in mind as we continue to work on legislation aimed at curbing foreclosures, cracking down on predatory lending, and regulating the mortgage industry. Please don't hesitate to contact me in the future.
Sincerely,
Senator Bill Nelson
And my reply...
Senator,
Allow me...
The term "subprime" refers to the credit characteristics of individual borrowers. Subprime borrowers typically have weakened credit histories that include payment delinquencies, and possibly more severe problems such as charge-offs, judgments, and bankruptcies. They may also display reduced repayment capacity as measured by credit scores, debt-to-income ratios, or other criteria that may encompass borrowers with incomplete credit histories. Subprime loans are loans to borrowers displaying one or more of these characteristics at the time of origination or purchase. Such loans have a higher risk of default than loans to prime borrowers. Generally, subprime borrowers will display a range of credit risk characteristics that may include one or more of the following:
•Two or more 30-day delinquencies in the last 12 months, or one or more 60-day delinquencies in the last 24 months;
•Judgment, foreclosure, repossession, or charge-off in the prior 24 months;
•Bankruptcy in the last 5 years;
•Relatively high default probability as evidenced by, for example, a credit bureau risk score (FICO) of 660 or below (depending on the product/collateral), or other bureau or proprietary scores with an equivalent default probability likelihood; and/or
•Debt service-to-income ratio of 50% or greater, or otherwise limited ability to cover family living expenses after deducting total monthly debt-service requirements from monthly income. [1]
Senator, would you lend YOUR money to someone in this category???
Or how about...
In 1982, Congress passed the Alternative Mortgage Transactions Parity Act (AMTPA), (AMTPA also stands for "Another Mortgage for Tax Paying Americans"-my remark), which allowed non-federally chartered housing creditors to write adjustable-rate mortgages. Among the new mortgage loan types created and gaining in popularity in the early 1980s were adjustable-rate, option adjustable-rate, balloon-payment and interest-only mortgages. These new loan types are credited with replacing the long standing practice of banks making conventional fixed-rate, amortizing mortgages (which worked quite well-my remark). Among the criticisms of banking industry deregulation that contributed to the savings and loan crisis was that Congress failed to enact regulations that would have prevented exploitations by these loan types. Subsequent widespread abuses of predatory lending occurred with the use of adjustable-rate mortgages. Approximately 80% of subprime mortgages are adjustable-rate mortgages.[2]
Tell me again, who caused this???
Or how about...
In 1995, the GSEs like Fannie Mae began receiving government tax incentives for purchasing mortgage backed securities which included loans to low income borrowers. Thus began the involvement of the Fannie Mae and Freddie Mac with the subprime market.[3] In 1996, HUD (Gee, a government agency-my remark) set a goal for Fannie Mae and Freddie Mac that at least 42% of the mortgages they purchase be issued to borrowers whose household income was below the median in their area. This target was increased to 50% in 2000 and 52% in 2005.[4] From 2002 to 2006, as the U.S. subprime market grew 292% over previous years, Fannie Mae and Freddie Mac combined purchases of subprime securities rose from $38 billion to around $175 billion per year before dropping to $90 billion per year, which included $350 billion of Alt-A securities. Fannie Mae had stopped buying Alt-A products in the early 1990s because of the high risk of default. By 2008, the Fannie Mae and Freddie Mac owned, either directly or through mortgage pools they sponsored, $5.1 trillion in residential mortgages, about half the total U.S. mortgage market.[5] The GSE have always been highly leveraged, their net worth as of 30 June 2008 being a mere US$114 billion.[6] (Wow, 114 billion covering over 5 trillion in debt, that would be about 2%. Not many traditional banks would let the average borrower get away with that-my remark.) When concerns arose in September 2008 regarding the ability of the GSE to make good on their guarantees, the Federal government was forced to place the companies into a conservatorship, effectively nationalizing them at the taxpayers' expense.[7]
So tell me again, Senator!! Who caused the problem???
In closing, I have been "schooled" by personnel in your office regarding government spending on several occasions so the above is a return of the favor. In your endeavor to provide mortgage backing to those who are less than qualified you progressives have caused the financial meltdown of our economy. You forced lenders to make loans with minimal or no regard to their ability to repay. Then you allowed the lenders to sell off the mortgage as a security which freed up the same lender money to use again. This cycle continued until, well, you know the end. Senator, you were wrong, you are wrong, and come 2012 you and the teleprompter reader in the White House will be gone and we, the taxpayers, will be left with the mess.
With the respect due your Office,
Edward Rodda
[1]http://www.fdic.gov/news/news/press/2001/pr0901a.html
[2]Jon Birger (Published: January 31, 2008). "How Congress helped create the subprime mess". CNNMoney.com. http://money.cnn.com/2008/01/30/real_estate/congress_subprime.fortune/.
[3]Leonnig, Carol D. (June 10, 2008). "How HUD Mortgage Policy Fed The Crisis". Washington Post. http://www.washingtonpost.com/wp-dyn/content/article/2008/06/09/AR2008060902626.html.
[4]http://online.wsj.com/article/SB122298982558700341.html
[5]http://www.federalreserve.gov/releases/z1/Current/z1r-4.pdf, Table L.124, line 16; L.125, line 2.
[6]http://www.federalreserve.gov/releases/z1/Current/z1r-4.pdf,Table L.124, line 1 - line 21
[7]All taken from: http://en.wikipedia.org/wiki/Subprime_mortgage_crisis
Dear Mr. Rodda:
Thank you for contacting me about regulatory reform to the mortgage industry.
I support efforts to better regulate the mortgage industry, as I believe the current housing crisis stems from a lack of regulation on an industry that ran amok. From predatory lenders to land speculators to questionable appraisal practices and risky investments by Wall Street investment banks, we need to address all aspects of this crisis.
But I understand concerns about the impact of new regulation on the housing market. We must guard against excessive regulation, while providing the necessary measures to stabilize the market. I am open to new ideas that protect consumers, promote high standards in business, and discourage companies from acting in bad faith.
Thank you for sharing your thoughts. I'll keep your concerns in mind as we continue to work on legislation aimed at curbing foreclosures, cracking down on predatory lending, and regulating the mortgage industry. Please don't hesitate to contact me in the future.
Sincerely,
Senator Bill Nelson
And my reply...
Senator,
Allow me...
The term "subprime" refers to the credit characteristics of individual borrowers. Subprime borrowers typically have weakened credit histories that include payment delinquencies, and possibly more severe problems such as charge-offs, judgments, and bankruptcies. They may also display reduced repayment capacity as measured by credit scores, debt-to-income ratios, or other criteria that may encompass borrowers with incomplete credit histories. Subprime loans are loans to borrowers displaying one or more of these characteristics at the time of origination or purchase. Such loans have a higher risk of default than loans to prime borrowers. Generally, subprime borrowers will display a range of credit risk characteristics that may include one or more of the following:
•Two or more 30-day delinquencies in the last 12 months, or one or more 60-day delinquencies in the last 24 months;
•Judgment, foreclosure, repossession, or charge-off in the prior 24 months;
•Bankruptcy in the last 5 years;
•Relatively high default probability as evidenced by, for example, a credit bureau risk score (FICO) of 660 or below (depending on the product/collateral), or other bureau or proprietary scores with an equivalent default probability likelihood; and/or
•Debt service-to-income ratio of 50% or greater, or otherwise limited ability to cover family living expenses after deducting total monthly debt-service requirements from monthly income. [1]
Senator, would you lend YOUR money to someone in this category???
Or how about...
In 1982, Congress passed the Alternative Mortgage Transactions Parity Act (AMTPA), (AMTPA also stands for "Another Mortgage for Tax Paying Americans"-my remark), which allowed non-federally chartered housing creditors to write adjustable-rate mortgages. Among the new mortgage loan types created and gaining in popularity in the early 1980s were adjustable-rate, option adjustable-rate, balloon-payment and interest-only mortgages. These new loan types are credited with replacing the long standing practice of banks making conventional fixed-rate, amortizing mortgages (which worked quite well-my remark). Among the criticisms of banking industry deregulation that contributed to the savings and loan crisis was that Congress failed to enact regulations that would have prevented exploitations by these loan types. Subsequent widespread abuses of predatory lending occurred with the use of adjustable-rate mortgages. Approximately 80% of subprime mortgages are adjustable-rate mortgages.[2]
Tell me again, who caused this???
Or how about...
In 1995, the GSEs like Fannie Mae began receiving government tax incentives for purchasing mortgage backed securities which included loans to low income borrowers. Thus began the involvement of the Fannie Mae and Freddie Mac with the subprime market.[3] In 1996, HUD (Gee, a government agency-my remark) set a goal for Fannie Mae and Freddie Mac that at least 42% of the mortgages they purchase be issued to borrowers whose household income was below the median in their area. This target was increased to 50% in 2000 and 52% in 2005.[4] From 2002 to 2006, as the U.S. subprime market grew 292% over previous years, Fannie Mae and Freddie Mac combined purchases of subprime securities rose from $38 billion to around $175 billion per year before dropping to $90 billion per year, which included $350 billion of Alt-A securities. Fannie Mae had stopped buying Alt-A products in the early 1990s because of the high risk of default. By 2008, the Fannie Mae and Freddie Mac owned, either directly or through mortgage pools they sponsored, $5.1 trillion in residential mortgages, about half the total U.S. mortgage market.[5] The GSE have always been highly leveraged, their net worth as of 30 June 2008 being a mere US$114 billion.[6] (Wow, 114 billion covering over 5 trillion in debt, that would be about 2%. Not many traditional banks would let the average borrower get away with that-my remark.) When concerns arose in September 2008 regarding the ability of the GSE to make good on their guarantees, the Federal government was forced to place the companies into a conservatorship, effectively nationalizing them at the taxpayers' expense.[7]
So tell me again, Senator!! Who caused the problem???
In closing, I have been "schooled" by personnel in your office regarding government spending on several occasions so the above is a return of the favor. In your endeavor to provide mortgage backing to those who are less than qualified you progressives have caused the financial meltdown of our economy. You forced lenders to make loans with minimal or no regard to their ability to repay. Then you allowed the lenders to sell off the mortgage as a security which freed up the same lender money to use again. This cycle continued until, well, you know the end. Senator, you were wrong, you are wrong, and come 2012 you and the teleprompter reader in the White House will be gone and we, the taxpayers, will be left with the mess.
With the respect due your Office,
Edward Rodda
[1]http://www.fdic.gov/news/news/press/2001/pr0901a.html
[2]Jon Birger (Published: January 31, 2008). "How Congress helped create the subprime mess". CNNMoney.com. http://money.cnn.com/2008/01/30/real_estate/congress_subprime.fortune/.
[3]Leonnig, Carol D. (June 10, 2008). "How HUD Mortgage Policy Fed The Crisis". Washington Post. http://www.washingtonpost.com/wp-dyn/content/article/2008/06/09/AR2008060902626.html.
[4]http://online.wsj.com/article/SB122298982558700341.html
[5]http://www.federalreserve.gov/releases/z1/Current/z1r-4.pdf, Table L.124, line 16; L.125, line 2.
[6]http://www.federalreserve.gov/releases/z1/Current/z1r-4.pdf,Table L.124, line 1 - line 21
[7]All taken from: http://en.wikipedia.org/wiki/Subprime_mortgage_crisis
When the Feds Don't Listen... (03/22/10)
Senator Bullard,
I am writing you as a concerned citizen of your district. I have written my federal representatives in Congress on numerous occasions regarding the takeover of health care by the federal government and get the party line in return. I have called and been "schooled" by someone half my age! In any case, I understand our State Attorney General is filing a suit against the bill as soon as it is signed into law. Regardless of your opinion of the bill, soon to be signed into law, I would like to know how I can help in this endeavor. Senator, I am a Navy veteran and have been in and near countries where governments do not listen to the people who elected them. Are you listening Senator? I refuse to pile these costs onto my child. I refuse to pay for entitlements neither earned nor deserved. I refuse to believe Americans have drifted so low as to stand with hand outstretched and rely on the Federal Government for their daily bread. Are you listening Senator? I see you were a community activist also. Were you cut from the same cloth as President Obama and his just now "proud of America" wife? Do you believe it is the federal government's responsibility to coddle from the cradle to the grave? Notice the unborn are not in the list? They are going to be covered by a Presidential Proclamation!
But I digress... I again ask, is there anything I can do as a citizen of your district to help in the striking of this law prior to November, when repealing it becomes an option?
With the respect due your Office,
Edward Rodda
I am writing you as a concerned citizen of your district. I have written my federal representatives in Congress on numerous occasions regarding the takeover of health care by the federal government and get the party line in return. I have called and been "schooled" by someone half my age! In any case, I understand our State Attorney General is filing a suit against the bill as soon as it is signed into law. Regardless of your opinion of the bill, soon to be signed into law, I would like to know how I can help in this endeavor. Senator, I am a Navy veteran and have been in and near countries where governments do not listen to the people who elected them. Are you listening Senator? I refuse to pile these costs onto my child. I refuse to pay for entitlements neither earned nor deserved. I refuse to believe Americans have drifted so low as to stand with hand outstretched and rely on the Federal Government for their daily bread. Are you listening Senator? I see you were a community activist also. Were you cut from the same cloth as President Obama and his just now "proud of America" wife? Do you believe it is the federal government's responsibility to coddle from the cradle to the grave? Notice the unborn are not in the list? They are going to be covered by a Presidential Proclamation!
But I digress... I again ask, is there anything I can do as a citizen of your district to help in the striking of this law prior to November, when repealing it becomes an option?
With the respect due your Office,
Edward Rodda
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