Friday, December 02, 2005

TIME TO KICK ASS AND TAKE NAMES

November 27, 2005

Mr. Kenneth Donohue, Sr.
Inspector General
Department of Housing and Urban Development
Fax: 202-401-2505

Dear Mr. Donohue:

I am a very sophisticated, successful investor quite alarmed about the nationwide housing price inflation driven largely in my opinion by non-conforming mortgages.

The inherent illiquidity of the real estate market makes it a perfect target for manipulation by corrupt officials. Just like fraudsters a la the movie “Boiler Room” cheating unwary investors by pumping and dumping thinly traded pink sheet stocks, non-conforming mortgages end up having the same effect in the real estate market. Worth a careful look-see at the real estate investment activities of federal officials who have policy authority to regulate mortgage lending standards. Been a mystery to me why they don’t act to stabilize the housing market particularly since most of them have children who’ll need homes.

I urge you to thoroughly examine the real estate investment activities of everyone at the HUD with policy authority over mortgage lending standards. If there is corruption, it must be rooted out immediately.

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