Morning E-mail From Austan Goolsbee

Sunday, 02 May 2010

Written by Richard Zombeck

3 Comments

I got an email this morning from Austan Goolsbee and spit my coffee across the desk. I had wondered if he’d heard me when I talked to him D.C. and apparently he did. In his email Goolsbee expressed his dismay and wrote, “I have been forwarding the shamethebanks.org information to others more able to investigate …”

Goolsbee is Chief Economist of the President's Economic Recovery Advisory Board.

I did a quick run-down of the week: I talked to Goolsbee on Wednesday morning. Later that week Geithner said he was going to crack down on loan servicers and people who had submitted their story on shamethebanks.org had started hearing from senators because they had read their stories.

Tammy Becker, a homeowner wrote, “I received a call shortly after posting my story from a gentleman by the name of Pat. He works for Senator Casey and wanted to ask me additional questions.  Monday, there will be a hearing at Drexel University in Philly.  He got an ear full and told me that he will have someone from Senator Casey's office pursue this further. He asked if I was willing to tell my story in the future, when they need to hear ‘from the people’.”

After hearing from her congressman, Angie Burke wrote, “I wanted to say THANK YOU!  I never thought my story was that important or anyone would really notice... who knew?!“

So get the word out by any means you can. Tweet, Facebook, e-mail, telephone, shout out the window, bang on doors. Call your Senators and Representatives and tell them to read the stories.

What an unbelievable chain of events. All because I walked with Goolsbee through Treasury and slipped him a piece of paper with the site address on it. And of course talked as fast I could before we got around the corner and he went down the stairs. You can read the story on Huffington Post: Goolsbee: Walk With Me.

Here’s an excerpt from the Huff Post article:

I told [Goolsbee] that I had stories from people about Bank of America calling homeowners who had 30 year fixed interest loans they had never been late on to offer them a HAMP modification (what I call the friends and family plan) in an effort to raise the number of successful modifications they can claim. Rather than helping borrowers who were genuinely in need of the program, Bank of America is cherry picking borrowers for a program these homeowners don't need.

I told him about shamethebanks.org and that real consumers were posting their bank horror stories in hopes that they would be heard. Goolsbee looked at the site address I had handed to him along with my email address during my non-stop talking and said, "That's a really good idea."

Just as he turned the corner to the staircase I asked him to please talk to the people who were most affected by these programs and who stand to lose the most when they fail and are misused by the very banks they rely on to report back.

"People are getting screwed Austan," I said. He was already half way down the stairs, but I think he said, "We should do that." I still hope that wasn't my imagination.

Read the full story on Huffington Post

While I’d like to take all the credit, this has been a long time coming and has involved a lot of people. I started getting stories from people – desperate and frightened people who wanted their story told. I couldn’t tell them all and many reporters wouldn’t or couldn’t. Who can blame them? There are too many. So what better way than to let you tell your story … in your own words.

Many sites and bloggers have been incredibly accommodating and have seen the benefit of cooperating. Jorge Newbery of American Homeowner Preservation sent out a mailer to everyone on their mailing list as did Marian Anthony of Short Sale Rush. Bruce Marks, of NACA offered to do the same.

Steve Dibert of MFI-Miami who did my loan doc audit before I left; Denise Richardson, givemebackmycredit.com who has advised and consoled me, and 4closurefraud’s Michael all put links up and helped spread the word. As did Swarmthebanks and foreclosurehamlet.  I can’t forget Red Tape Chronicles for the great piece about shamethebanks.org on Tuesday that came out while I was in the air on the way to D.C.

There’s also Mike Dillon and Jack Wright who have been at this for many years longer than I. They have provided invaluable information from tireless research for me to go to Washington D.C. with.

I’m sure I’ve left some out and if I have please send me an e-mail me and I’ll gladly add you. That’s the beauty of not using print.

I have a very special place in my heart for the people who blog, answer questions, provide support, listen to me complain, talk me off the ledge, test the site, and most of all offer advice to people whose stories they read.

The comments have been invaluable - both helpful and compassionate. I suggest you read them. Many have restored my faith in humanity – not an easy task after fighting Ocwen bank for two years or reading the comments on my own story or articles.

And then there are all the people on Main Street who posted their stories and continue to post their stories. People who believe that by banding together and making noise we will be heard.

We have been heard. People in Washington are taking notice and reading the stories of how you have been mistreated and victimized by the banks and servicers. How their plan is not working and how the system continues to be gamed at our expense.

We are Democracy in action.

I could not have gone to D.C. with just my story. I needed yours and your courage and your ability to not give up when all the signs tell you should.

Keep posting your stories, send this article to anyone you know who’s been screwed by a bank.

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