Submitted through web form on 7/4/07, she really doesn't want to hear from people outside her district, had to change my address to NY.
Dear Representative Maloney:
I am shocked to see your 6/29/07 press release "Maloney Applauds New Subprime Guidance."
Why on earth do you want to force people into selling their homes or even worse, making them lose their homes in FORECLOSURE because they won't "qualify" for a mortgage?
Why do you think people should be foreclosed on after they lost their job, got cancer, had a family member die or suffered some other emergency?
Do you know the meaning of the word EMERGENCY?
Why should people have a fire sale instead of being able to buy some time with a cash-out refi?
I really hope that you will read my Open Letter regarding some of the many systemic problems with credit reporting and to RESPOND with your position on the issues and especially about Capital One's failure to report the credit limits for credit cards -- CONDONED by those same corrupt regulators you are publicly applauding!
The subprime crisis was primarily caused by inaccurate credit reporting, artificially low FICO credit scores and lying loan agents. Fair Isaac designed the credit scoring formulas to unfairly lower scores and the credit bureaus deliberately produce inaccurate credit reports to further hurt consumers and to maximize profits for their clients, the banks.
And no, I'm not delusional. I'm fully aware that campaigns are financed by the industry and that many legislators will ignore me.
The point of this exercise is to document and publicize the extent of corruption at my various websites, accessed over 2 million times. Currently my most popular site is my blog about my litigation against the credit bureaus, creditors and collectors at http://creditsuit.org/.
Hopefully a few representatives will care about their constituents enough to introduce and sponsor consumer friendly amendments to the Fair Credit Reporting Act and the Fair Debt Collection Act.
I will be happy to answer any questions by you or your staff and I hope to hear from you soon.