Shortly after Barack Obama won the presidential election and personally buying into the message of change I visited his Transition Team internet web site. On this web site he was calling for normal people of all walks of life and backgrounds to assist he and his team with solutions to turn around the economy, I was so motivated by the President elects tone that I issued a plan addressing what I felt was the most serious problem in regard to the failing economy, housing stabilization. Over the next four days I put together a plan focused on the stopping the run off of equity in the secondary market, being involved in mortgage finance since 1983 and holding numerous high level positions in that field I felt that my background and expertise was such that what I had to offer would be worthy of at least consideration. In the attachment below I have deleted four of the five pages of the report due to some confidentiality issues, but in the header and opening paragraphs you will see the direction I choose to take.
I am posting this on my blog for the following reasons, first, my motive was altruistic and I really was concerned about our economy, second, the plan I offered would have used the existing TARP funds and at the time I issued this 12/19/08 it was significantly more cost effective than any other mortgage related plan put forth to date, and last, naively so I felt that what he said about bringing in of experts from all fields to help was sincere.
In addition to sending my plan to the Presidents Transition Team, I also copied, Nancy Pelosi, Barney Frank, David Gregory, Jim Kramer, and several other news sites and political outlets, and up until 4/3/09 not a word in return from any of these sources. Then Friday I get the attached form letter from the Whitehouse Special Assistant to the President F. Michael Kelleher. To say the least, they were not interested in what I had to say, I could understand this tone if it were not for the fact that in the following months I have been witnessing several key parts of my proposal now coming to light.
I guess my hope would be for putting 35 hours of work into what was proposed, I would at least get a “Atta Boy! The length of time it took to obtain any sort of response is more than puzzling and shows either the system was so overloaded with my type of submission, or it was reviewed and panned, I guess I will never know. The open to the plan is pasted below for your comments and review.
To: Obama/Biden Transition Team
From: Name Deleted
Subject: Housing Price Stabilization Plan
Issue: Continuing devaluation and equity bleeding of the housing values in the US.
Background: With the implementation and execution of the lending policies of the last two administrations directed at increasing the availability of housing to a broader base of borrower and economic class, an artificial cloud market/value was created fueling an unsustainable housing based economy resulting in a overvaluation of real estate values and overgrowth of its supporting industries.
Solution: Housing and economy being confidence based a value floor needs to be established. A government plan offering the following would greatly enhance the possibility of a return to stabilization.
The actual plan has been deleted due to confidentiality agreement. Four pages total.
The White House – Presidential Correspondence
To: me 04/03/09
Dear Name Deleted:
Thank you for taking the time to share your views.
Americans across the country are eager for
information about the state of the economy, national
security, and a host of other issues. President Obama is
committed to making his Administration the most open and
transparent in history, and the Internet will play a major
role in delivering on that promise.
We hope that you will join us at
http://www.WhiteHouse.gov to learn more about President
Obama’s views on a range of topics, as well as his efforts
to provide a window for all Americans into their
government. Your voice is shaping our country’s future,
and we encourage you to join us online, share your
thoughts, and build a community of connected citizens that
will help address the pressing issues of our time.
F. Michael Kelleher
Special Assistant to the President and
Director of Presidential Correspondence
To be a part of our agenda for change, join us at http://www.WhiteHouse.gov