Open Letter to U.S. Congress

foreclosure epidemicAmerica is at a cross roads. The U.S. economy has suffered major damages as a result of the nation’s mortgage crisis. Housing prices have fallen in the majority of local markets from coast to coast at unprecedented speed. Financial markets have sustained huge swings in erratic fashion. The nation is in turmoil.

As you consider options to resolve the crisis, we ask that you freeze home mortgage foreclosures immediately. We suggest you freeze foreclosures for a period of six months. This moratorium would allow banks, mortgage companies and industry experts time to come up with solutions to allow homeowners threatened with foreclosure to reach equitable agreements with lenders under the guidance of Congress and others and act to aid the national economy from suffering further damage. It would also act to begin stabilization of the financial and real estate markets.

In times of crisis tough decisions must be considered and made in rapid order with steadiness. As members of the new online media, we are independent real estate researchers who seek the public’s better good without regard to political favor or influence.

America is at war in Iraq, and in economic peril at home. Some two-thirds of Americans are worried about the nation’s future. A Housing Predictor survey showed that the majority of Americans feel Congress will fail in its efforts to resolve the crisis. Show them wrong!

We forecasted the nation’s foreclosure epidemic and the real estate crisis long before it made headlines. More than 3-million homes have been foreclosed. Foreclosures are increasing for a variety of reasons and represent the greatest threat to the U.S. economy in the nation’s history.

We are unsure of where we actually are in the course of this crisis. At best we realize we are in the final innings during a time of paramount importance to make a difference in the nation’s future. Immediate action is needed and must be taken in order to forestall further economic ruin.

We urge you to pass legislation to bring about the immediate freeze on foreclosures as soon as humanly possible. To fail in this endeavor will have ruinous consequences.

Mike Colpitts

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