Reply from our Senator

cheapseats

I know someone posted one of these before but I couldn't find it, I wanted to compare the two

I got a reply from Senator Murray today...

Dear Mr. (Cheapseats):

Thank you for writing me about the current downturn in the housing market and the federal government's role in responding. I appreciate hearing from you on this important issue.

As you know, growing losses in subprime mortgage markets have recently had a negative effect on the United States economy. Thousands of people are on the brink of losing their homes to foreclosure, and as a result many financial institutions have been faced with bankruptcy as consumer confidence in mortgage-backed securities has decreased. I share many of your concerns regarding the appropriate manner for Congress and the Administration to respond to this situation.

Improving the economy is a top priority of mine. There are numerous proposals currently pending in Congress designed to strengthen the regulation of banking and securities trading in order to prevent this kind of economic downturn in the future, as well as various other pieces of legislation to address the current downturn in the economy and create economic stimulus. One of these bills, H.R. 3221, the Foreclosure Prevention Act of 2008, was signed into law by President Bush on July 30, 2008. This bill contains provisions to help thousands of homeowners avoid foreclosure, as well as provisions to stimulate the housing market including refundable tax credits to certain first-time home buyers and resources to cities to buy foreclosed or abandoned properties.

Stabilizing the housing market is vital to strengthening the economy and getting America's financial sector back on track. Although I have concerns about parts of H.R. 3221, overall I believe it will make important reforms to modernize government agencies and help restore confidence in the economy. As the 110th Congress continues, I will keep your thoughts in mind and continue to work to address these critical issues. Thank you for contacting me, and please do not hesitate to write me again in the future. I hope all is well in Mercer Island.

The_Tim

My randomly-generated form response:

Some computer program in Patty Murray's office wrote:

Dear Mr. Ellis:

Thank you for contacting me with your thoughts regarding the current economic downturn and the federal government's role in responding. I appreciate hearing from you on this matter and share your concerns.

As you know, growing losses in subprime mortgage markets have recently had a negative effect on the United States economy. Thousands of people are on the brink of losing their homes to foreclosure, and as a result many financial institutions have been faced with bankruptcy as consumer confidence in mortgage-backed securities has decreased.

There are numerous proposals currently pending in Congress designed to strengthen the regulation of banking and securities trading in order to prevent this kind of economic downturn in the future, as well as various other pieces of legislation to address the current downturn in the economy and create economic stimulus.

I share many of your concerns regarding the appropriate manner for Congress and the Administration to respond to this situation, and will certainly keep your thoughts in mind as these and related issues come before the 110th Congress. Thank you again for contacting me, and please don't hesitate to share your thoughts in the future.

I hope all is well in Kenmore.

The_Tim

posted by takenroad to the blog:

Patty Murray's robot clone wrote:

Dear Mr. (redacted),

Thank you for contacting me regarding the housing crisis. I appreciate hearing from you on this important issue.

The Mortgage Bankers Association reported that of the 44 million active mortgages, 343,000 entered the foreclosure process by the third quarter of 2007. This is the highest foreclosure rate in 35 years. While subprime loans only make up an estimated quarter of loans taken out today, almost two-thirds of foreclosures are made on homes purchased with subprime loans. Each foreclosure can impose damages up to $80,000 to the surrounding community, including the loss of property taxes, the damage done to the prices of neighboring properties, and the cost of foreclosure related services performed by the government.

While I understand your frustrations with what appears to be a "bailout," I believe that we must closely evaluate every proposal and consider the best path forward that will stabilize our nation's faltering economy. The housing market is an integral component of our economy's health. Without action, over three million homes are likely to be foreclosed upon in the coming years, and approximately two million families affected. With such grave financial consequences, the coming foreclosure emergency must be addressed head-on, and Congress must take appropriate action.

One factor that must be considered in deciding what action to take is the prevalence of predatory lending practices, which have contributed greatly to the popularity of subprime loans. Almost 90 percent of subprime loans were taken out by those refinancing their homes-not by first-time homebuyers. Furthermore, 61 percent of those who received subprime loans were eligible for more secure prime loans. In most cases, those who were eligible for prime loans were led to believe that the riskier subprime option was the only choice for which they were eligible. This deception must be considered as we try to strike an appropriate balance between helping people who are at risk due to events beyond their reasonable control, and allowing others to assume responsibility for the consequences of their financial decisions.

It may interest you to know that Washington state has some of the strongest regulations in the nation related to mortgage lending. Six percent of Washington state mortgages were subprime loans, compared to 6.6 percent nationally, but of those loans, only 2.9 percent of Washington loans entered foreclosure proceedings in the fourth quarter of 2007, compared to 5.29 percent nationwide. The national fourth quarter homeowner delinquency rate was at 5.82 percent, but only 3.23 percent of Washington state mortgages were overdue.

Our nation faces numerous economic challenges today, including record debt and a falling dollar. On April 10, 2008, the Senate passed the Foreclosure Prevention Act (H.R.3221) by a vote of 84 to 12. I supported this bill as an important first step in pushing our economy and housing market in a new direction, but there is still much work to do. I will continue to use my seat in the Senate Finance Committee to pursue policies that promote growth in the economy and increased standards of living for American families in a fair and responsible manner.

As the House and Senate continue to work on solutions to this crisis, please be assured that I will continue to keep your views in mind and will work to craft legislation that is good for the nation and for Washington state.

Thank you again for contacting me to share your thoughts on this matter. Finally, you may be interested in signing up for my weekly update for Washington state residents. Every Monday, I provide a brief outline about my work in the Senate and issues of importance to Washington State. If you are interested in subscribing to this update, please visit my website at http://cantwell.senate.gov. Please do not hesitate to contact me in the future if I can be of further assistance.

Sincerely,
Maria Cantwell
United States Senator

The_Tim

Posted by John to the blog:

3 monkeys spent an hour banging on typewriters and wrote:

Dear Mr. [your name]:

Thank you for writing me about the current downturn in the housing
market and the federal government's role in responding. I appreciate
hearing from you on this important issue.

As you know, growing losses in subprime mortgage markets have recently
had a negative effect on the United States economy. Thousands of people
are on the brink of losing their homes to foreclosure, and as a result
many financial institutions have been faced with bankruptcy as consumer
confidence in mortgage-backed securities has decreased. I share many of
your concerns regarding the appropriate manner for Congress and the
Administration to respond to this situation.

Improving the economy is a top priority of mine. There are numerous
proposals currently pending in Congress designed to strengthen the
regulation of banking and securities trading in order to prevent this
kind of economic downturn in the future, as well as various other pieces
of legislation to address the current downturn in the economy and create
economic stimulus. One of these bills, H.R. 3221, the Foreclosure
Prevention Act of 2008, was signed into law by President Bush on July
30, 2008. This bill contains provisions to help thousands of homeowners
avoid foreclosure, as well as provisions to stimulate the housing market
including refundable tax credits to certain first-time home buyers and
resources to cities to buy foreclosed or abandoned properties.

Stabilizing the housing market is vital to strengthening the economy and
getting America's financial sector back on track. Although I have
concerns about parts of H.R. 3221, overall I believe it will make
important reforms to modernize government agencies and help restore
confidence in the economy. As the 110th Congress continues, I will keep
your thoughts in mind and continue to work to address these critical
issues. Thank you for contacting me, and please do not hesitate to write
me again in the future.

I hope all is well in [your city].

rose-colored-coolaid

Wow! It's almost like she reads every letter and responds to exactly what your concerns were.