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Anna Eshoo, Enemy Of Cheap Housing

By someone else follow someone else   2008 Apr 10, 10:35am 27,337 views  264 comments           share      

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I tried to reply to a spam mail Congresswoman Anna Eshoo sent me, but my reply bounced because communication with our "representatives" is apparently one-way only, so I'll post my reply here. I hope it helps her lose a lot of votes in the next election.

From: Patrick Killelea p@patrick.net
Date: April 10, 2008 4:50:51 PM PDT
To: ca14ima .pub@mail.house.gov
Subject: Re: Message From Rep. Anna G. Eshoo

NO NO NO!

STOP IT. STOP keeping housing UNaffordable.

We want CHEAPER houses, not more debt! Are you listening?

Do a poll. Everyone I meet wants cheaper housing. No one wants more debt!

That means you should do everything you can to REDUCE conforming loan limits.

Are you listening?

Patrick

Here's her spam to me:

On Apr 10, 2008, at 9:49 AM, ca14ima.pub@mail.house.gov wrote:

April 10, 2008

Dear Mr. Killelea,

On February 8th, the House and Senate passed an economic package designed to help stimulate the economy by assisting millions of Americans who are struggling in this downturn. This bill provides for tax rebates to 130 million households, including seniors and the disabled, along with tax deductions to help small businesses, and an increase in conforming loan limits for home mortgages to bolster the housing market. The legislation is a bipartisan effort and will specifically target those who need the resources most. Only those who have social security numbers and file their 2008 taxes will receive rebate checks. This leaves no loop-holes for undocumented immigrants to qualify.

The legislation has been sent to the President for his signature.

The following are important specifics of the bill.
(blather about giving away tax dollars what-a-good-girl-I-am deleted)

Housing Provisions
oThe package would boost the size of mortgage loans that the Federal Housing Administration could insure and that Fannie Mae and Freddie Mac could purchase.
oThe FHA loan limit would be permanently increased to a maximum of $720,750 from $362,000.
oFannie and Freddie's conforming loan limits would be increased for one year only to a maximum of $729,750 from $417,000.

This stimulus package is timely, targeted and temporary and represents an important first step toward stimulating the economy.

Sincerely,
Anna G. Eshoo
Member of Congress

#housing

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1   HeadSet   2008 Apr 10, 11:24am  

oThe FHA loan limit would be permanently increased to a maximum of $720,750 from $362,000.
oFannie and Freddie’s conforming loan limits would be increased for one year only to a maximum of $729,750 from $417,000.

I presume the FHA loan will have a 3% down. Even with zero down, I hope we will not see anymore I/O or neg am, so at 6% we are looking at about $4,321 P&I. The Fannie/Freddie would be about $4,375 P&I if zero down were allowed. Hopefully such high payments will dampen the demand even with the raised limits.

Still, nothing I'd like to see more than high down payments, along with a property tax reset for any borrower accepting the new loans. Hopefully also, the new loans will have sane debt ratio and income qualifications.

2   Brand165   2008 Apr 10, 11:36am  

Fear not, to counter your insane Kallerfornien congresspeople, we Coloradoans have elected the heroic Senator Wayne Allard. He will stop them. At least he supports financial literacy. :)

3   StuckInBA   2008 Apr 10, 2:16pm  

Sorry for being OT so early. This is from WSJ - OO will like reading this.

http://online.wsj.com/article/SB120779551054104069.html?mod=djemITP

Beijing Signals Inflation Focus As It Lets Yuan Rise
Currency Returns To Early-'90s Level Against the Dollar

China's government allowed the country's currency to rise to its highest level against the dollar in more than a decade, despite weakening global growth, an indication that Beijing views rising inflation as a bigger danger than the risk of an economic slowdown.

On Thursday, the U.S. dollar slid to less than seven yuan for the first time since the early 1990s, ending Shanghai trading at 6.9916 yuan, down from 7.0017 yuan in the previous session. The yuan has now gained more than 18% against the dollar in less than three years, although it has been flat or even depreciated against other major currencies, such as the euro.
...
On a visit to Beijing last week as the dollar seemed poised to slip below seven yuan, U.S. Treasury Secretary Henry Paulson told the state-run China Daily that the accelerated appreciation was "a very important and very wise step."
...
"It's going to go a lot higher," says Jim Rogers, a U.S. investor and self-described China bull. Mr. Rogers says the Chinese currency has the potential to strengthen to just two yuan to the U.S. dollar -- a 2½-times rise from current levels -- noting that the Japanese yen once made a similar rise from 500 to the dollar to 100 to the dollar, albeit over a number of years.
...

OK, how do I play this trend ? FXI ?

4   OO   2008 Apr 10, 3:04pm  

You can't do FXI, because an appreciating Yuan will exactly mean a tanking Chinese stock market. There are also some political struggles going on to determine who the next No.1,2,3,4... of the Politburo will be, so I would not want to get in the middle of this.

A better way is to buy Yen. Yen was concerned about appreciating by itself because that meant more relocation of manufacturing to China. As Yuan moves, many other Asian currencies will move too, particularly Yen.

I will continue to load up Yen when it's weak.

5   surfer-x   2008 Apr 10, 4:15pm  

dude, you need a new paradigm.

Boomer on. Boomer be. DennisN for everyone. DennisN you are the king, man your skill in getting lucky is amazing. I wish I could buy you a glass of Ridge, but hey, your friends already have hooked you up.

Let’s all get lucky and then tell everyone how lucky we got. Or we could placate ourselves with large plasma TV's bought on credit showing us 194 channels of crap. Wake up you fucks; it's all about making things here, not buying cheap shit made by slaves in back ass fuck wad countries. China? Give me a fucking break. Japan whoooooped China's ass and could do so again given then chance. I say the US military pull out everywhere and just let the fuckers fight amongst themselves. Why not. I'd love to see Panzers roll across the Arden again. Plus the Chinese love the Japanese. We could make a fortune just selling weapons to both sides.

Shit I'm sorry, everyone be baller programmers making 2 hahas. My bad. Ok buy the condo.

Fuck you Dennis.

6   Duke   2008 Apr 10, 10:35pm  

Just what is a haha?

7   justme   2008 Apr 10, 10:45pm  

Patrick,

You may want to get Ms. Eshoo on the phone and explain to her how many readers and supporters you have. Otherwise expect your missive to land in the proverbial bit bucket.

8   justme   2008 Apr 10, 10:48pm  

OT: What is up with American Airlines? All this stuff about safety inspections and grounded flights seems mighty fishy to me. Lots of airlines have fleets of MD-80 airplanes, but why is it mostly Delta and AA that are grounded? Something does not smell right here ...

9   someone else   2008 Apr 10, 10:48pm  

OK, I will try calling today.

10   Duke   2008 Apr 10, 10:56pm  

I would say that any email that calls a Congresswaoman a 'silly tool of the banks' is not intended to be taken seriously.
The truth is, housing prices are coming down. And they are coming down fast enough that we are seeing big, big problems in an over-leveraged financial market. If they came down any faster, the cure may be worse then the problem; for example massive unemployement. No sense in the bubble-sitters finally getting the prices they (rightly) see as appropirate if they have no jobs to make the income needed to afford those rightly priced houses.
Let this process take some time. 10% a year for 3 years, with small to flat declines after that is about all the strain our credit crunched financial markets can handle.
Save the tool comments for the lax lending standards and the total lack of reguation and oversight.

Just my opinion.

11   DennisN   2008 Apr 10, 11:21pm  

Duke,

See local glossary at http://patrick.net/wp/?p=63 , although it won't tell you how to spell "the Ardennes".

12   justme   2008 Apr 10, 11:39pm  

Patrick,

What Duke said. A slight rewrite may be in order before you call. Heh.

13   DennisN   2008 Apr 10, 11:56pm  

Eshoo was never my rep since I lived in SJ, but look what her constituancy entails: www.house.gov/formeshoo/zipauth.html I wonder whether UCSC is part of the 14th?

14   DennisN   2008 Apr 11, 12:22am  

Patrick,

I would suggest you take a lesson from Winston Churchill, e.g. his declaration of war on Japan in 1941.

http://en.wikipedia.org/wiki/UK_declares_war_on_Japan_(1941)

"But after all, when you have to kill a man, it costs nothing to be polite." ;)

15   Peter P   2008 Apr 11, 12:46am  

What is up with American Airlines? All this stuff about safety inspections and grounded flights seems mighty fishy to me. Lots of airlines have fleets of MD-80 airplanes, but why is it mostly Delta and AA that are grounded?

AA has a large fleet of MD-80's. Continental and Southwest have none.

I hate old planes. I choose my flights base on the aircrafts. And I don't like flying in anything from MD.

16   someone else   2008 Apr 11, 1:18am  

What is up with American Airlines? All this stuff about safety inspections and grounded flights seems mighty fishy to me.

Someone at the FAA is short American Airlines!

17   someone else   2008 Apr 11, 1:19am  

And OK, "silly tool of the banks" deleted.

18   sa   2008 Apr 11, 1:22am  

The Bill doesn't do much for housing. It's plain robbery. Giving out benefits to shareholders of big builders and may be a few speculators in the name of helping housing. Still worth the fight against bad bills.

19   SP   2008 Apr 11, 1:29am  

surfer-x said:
I say the US military pull out everywhere and just let the fuckers fight amongst themselves.

Actually, I can see the logic in this. Secure our borders, deploy the world's greatest military in defensive mode, and tell everyone to sort it out by themselves. We only get involved if someone:
1. is dumb enough to f*ck with us
2. is getting big enough to be a threat to us
3. is beginning to wave their nukes around

Sure, while the war is raging, our "economy" will be a fraction of its pre-war size, and we will need to deal with the privations imposed by self-sufficiency for a few years. The best part of it is that the banksters will be too busy lending to the warring parties, and hopefully will leave us alone for a while...

20   SP   2008 Apr 11, 1:29am  

Oh, forgot to add: "Not Foreign Policy Advice" :-)

21   slantedview   2008 Apr 11, 1:46am  

Wow, your letter was pretty rough. You're obviously dead on though.

22   slantedview   2008 Apr 11, 1:50am  

By the way, I heard the NPR story the other day with your interview. I ended up sending a note to the journalist and got a response.

The one thing that bugs me most about bailout reporting and the legislation to date is that neither deals with the fact that many people who stand to be bailed out are in the position they're in simply because they took equity out of their homes. So, the question is, is this bailout a subsidy intended to keep poor innocent folks in their homes, or is it a subsidy for whatever people felt like buying (cars, boats, remodels, vacations) with their home equity?

23   sa   2008 Apr 11, 1:56am  

I heard the NPR story too. One lady commented, People need those Home Equity Loans, They have build a life style around it.

We should add that to constitution. It's a fundamental right of people.

24   HARM   2008 Apr 11, 2:04am  

Great email, but unless you include a very LARGE donation, just expect more boilerplate, and no consideration.

26   BayAreaIdiot   2008 Apr 11, 4:20am  

I would say that any email that calls a Congresswaoman a ’silly tool of the banks’ is not intended to be taken seriously.

Well he could've called her a silly cow if he wanted to be offensive. Silly tool of the banks is accurate and therefore not 'namecalling'. Besides, see HARM @ 9:04am for how to be listened to. Politeness is irrelevant in this case.

27   Peter P   2008 Apr 11, 4:26am  

What does this tell us about Obama?

http://www.reuters.com/article/topNews/idUSN1116676020080411

Obama denounces big corporate pay packages

Pay packages are determined by the market. If someone wants changes, he better be a shareholder.

What is next? Workers of blue states unite?

28   Peter P   2008 Apr 11, 4:31am  

The best weapon against outrageous executive pay is hostile takeover.

29   BayAreaIdiot   2008 Apr 11, 4:41am  

Peter P
the link you provided answers your question:

in a drive to convert middle-class anger about the U.S. economy into votes.

That's all it tells us and nothing else. We know absolutely nothing about this man and have absolutely no idea what he would do if elected. Consequently, I am stunned at his level of support!

30   Peter P   2008 Apr 11, 4:52am  

McCain is surprisingly quiet nowadays.

Who will be his VP? Rice? Romney?

31   sa   2008 Apr 11, 5:08am  

shareholders don't get to approve executives pay.

32   skibum   2008 Apr 11, 5:28am  

The best weapon against outrageous executive pay is hostile takeover.

That is just naive. First, it's a highly inefficient method. Second, the probability of hostile takeovers, especially with the express purpose of curtailing executive pay, is near zero. Third, there is no motivation or rationale from the perspective of of the hostile takeover advocate to act solely for executive pay. I doubt activist shareholders have exec pay on the top of their lists right now, or anytime in the near future.

33   Peter P   2008 Apr 11, 5:29am  

shareholders don’t get to approve executives pay.

But they can fire the board who approves the pay.

Any non-shareholder should not have any say over executive pay because it is none of his f*cking business.

34   Peter P   2008 Apr 11, 5:33am  

Skibum, if executive pay by itself is not significant enough to warrant an arbitrage condition than the excessiveness of the pay is a moot point.

35   EBGuy   2008 Apr 11, 5:52am  

But they can fire the board who approves the pay.
Highly unlikely... although majority shareholder voting for the BOD holds out some hope for reforming the system.
http://harvardmagazine.com/2003/11/making-directors-account.html

36   Peter P   2008 Apr 11, 5:53am  

And then there are proxy wars. Fun!

37   Peter P   2008 Apr 11, 6:05am  

Remember, minority shareholders are not forced to hold company shares.

The best investor protection is the freedom to invest and divest.

Is excessive executive pay unfair? Probably. Should someone do something about it? Only the shareholders should, if they can. Caveat emptor.

38   sa   2008 Apr 11, 6:12am  

Peter says:
Any non-shareholder should not have any say over executive pay because it is none of his f*cking business.

True in your free market which doesn't exist. In current market when tax payers have to take losses, it is my business. Also most people's 401k's are invested in all big companies.

I personally don't have anything against pay on performance. People like gates, jobs and co can take whatever they want. CEO's of oil companies, financial companies (basically not performance based) who get paid huge bonuses just because markets were favourable to them or booked profits early and left others to eat losses later would be my concern.

39   OO   2008 Apr 11, 6:19am  

Peter P,

I have to say this, so excuse me if it offends you.

It seems like you have never worked in the corporate world and you really have no handle of what a "free market" is.

Executive pay is a result of "you scratch my back and I scratch your back" and it has absolutely nothing to do with market pay. How do you determine the executive pay through open market, by bidding? Do you know how you even get into the line of executives available for bidding? Do you know how the board of directors are selected? Have you even participated in something remotely related to selection of board of directors?

What Obama said is exactly right. There is no such thing as pure freedom, if you desire pure freedom, pack and move to Mars. We all live in regulated freedom.

40   Peter P   2008 Apr 11, 6:20am  

Also most people’s 401k’s are invested in all big companies.

Why invest in companies whose leaders don't even own 10% of the shares?

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