Letter To Senators

Boxer, Feinstein, Diane Watson- 

Honorable ______________: 

I'm sure this letter will probably end up in a stack somewhere, possibly
counted in a "Pro vs. Con" tally.  But in the off chance that it IS actually
READ by someone on your staff, it's my hope these sentiments somehow bubble up
to you.  Even if they're aggregated in with others. 

My marriage nearly ended over the want of home ownership.  At one point, I
turned to my wife and said "Did you marry a man, or marry a house?"  Thus was
our dilemma over whether to purchase a house or not in Los Angeles.  It was a
heated a debate. 

My folly was to base my calculations on a 30-year fixed mortgage with a 20%
down payment; old school for sure.  For four years, time after time, we were
priced out of a purchase.  I was indeed, flummoxed.  The only thing I was sure
of was what I told my wife: "These numbers just don't work.  I don't know how
people are making it work?..  It defies logic." 

In hindsight, we now know many of the answers.  I do believe some people were
taken advantage of.  I watched as a cabal of Brokers, Lenders and Appraisers
played it fast and loose with the fine print, because with real estate, "You
just can't lose." 

Do I wish ill upon people facing the emotional trauma of losing their home?
No.  However, I sat at many a gathering listening to how people were spending
their windfalls in the housing game.  This was at the point people's houses
went from being 'homes' to being 'assets;'  I felt stupid for being on the
outside. 

It makes a great press release to support measure that 'bails out' struggling
homeowners.  But in these times of financial uncertainty, can we as a nation
afford it?  Are there more fiscally responsible voters out there, than
hard-pressed ones?  I don't know. 

I do know John Steinbeck, a Californian, wrote 'The Grapes of Wrath.'  And I
hope the lesson plans in our school systems still include the root causes of
the 'Great' Depression.  I think somewhere between people's fourth and fifth
credit card, folks may have forgotten about that history, and are now faced with
the specter of being "doomed to repeat it." 

No one wants to see our financial systems go in a tailspin, or worse a
meltdown, set off by a housing bubble. Wherever your vote falls on these
matters, I trust you'll do the due diligence to support a solution that strives
for the long term good for our economy, rather than a short term political win.

Sincerely, your constituent. 

Mark F. Mauceri