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Thursday, July 24, 2008

Open Letter to Congressmen John Dingell and John Conyers

** An open letter to U.S. Representatives John Conyers and John Dingell ***

Honorable John Conyers
2426 Rayburn Building
Washington, DC 20515
(202) 225-5126
(202) 225-0072 Fax

Honorable John Dingell
2328 Rayburn House Office Building
Washington, DC 20515
(202) 225-4071

From: The Friends of George Cushingberry Jr.

I am requesting that your respective committees hold hearings and conduct and investigation on abuses of credit information, and mortgage flipping. This activity is a cause and effect of hyperinflation affecting my constituents. We need some answers to the questions that I pose below and, I also propose some solutions to the problem.

Question 1:
How many levels beyond the 1st sale of an individual mortgage were secured and sold?

Question 2:
How many recordings of sale by property address within street, zip code, income, and school district?

Proposed Solution 1:
Grant State Housing Authorities pursuant to Housing & Urban Development (HUD) laws to guarantee write downs of mortgages with unconceivable variable mortgage rates.

Proposed Solution 2:
Conversion to the use of long term Government Bonds (1 year note) as the basis for establishing mortgage rates.

Proposed Solution 3:
State regulators shall be granted the ability to produce reports tracking mortgage sales by property address within street, zip code, income by zip code, and by mortgage company. The reports can be created in a summary or a detail format.

To complete the task, I am requesting that this information be requested and compiled by subpoena from your committee to the 3 major credit bureaus. If they are not forthcoming and give you a lot of excuses, I would like your committee to assemble a government technology team composed of FBI, FHA, and Independent technical specialist personnel to extract the information.

I am hoping that your respective committees start these proceedings at your earliest opportunity. If the American taxpayer can bail out Bear Stearns and Wall St, then I feel that my constituents should have the same opportunity to use their money to restructure their mortgages.

This matter is of high priority to my constituents and the people of the State of Michigan.

State Rep. George Cushingberry Jr.
S0687 House Office Building
P.O. Box 30014
Lansing, MI 48909-7514
Fax: 517-373-7186
Phone: 517-373-2276

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