That's it! I am sending this email to my congressman (
Ed Royce), Gary's congressman (
Gary Miller), and for sh*ts and giggles, I will send it to Nancy Pelosi, Chris Dodd, Barnyard Fife, er I mean Barney Frank, and Chuck Schumer. I will also send it to Erika Chavez and Matt Padilla at the OCR.
Subject: For a fact: I am seeing TARP money going to those who do not deserve it
To whom it may concern,
It has come to my attention that the owner of 21 Apache, Rancho Santa Margarita, 92679 has received a notice of default from Countrywide (AKA Bank of America, a TARP recipient). This property is currently in escrow as a "short sale". The price on the listing is $599,900, and if sold at that price would require approximately $100,000 of taxpayer/TARP money to cover the amount of liens on the property, when the non-occupying owner should be responsible for this share in the loss, and not the taxpayer.
Gary Watts, the owner of 21 Apache is also owner of XXXXX Vista Del Lago, Mission Viejo, CA 92691 (his primary residence), and several other properties in Orange County California. He has been one of the worst real estate agents (Realtors), in his "predictions" of the local housing market. He claims to have called the housing bust in the early 90s, but it has only been hearsay... claiming they were there to witness his great prognostication in that time. However, it is on record that he missed the current bust
http://www.ocregister.com/ocregister/money/abox/article_891975.php I have several more articles I can reference showing how incredibly wrong he was, and how he would have helped perpetuate this economic crisis, by making people believe in his lack of fundamental economics. TARP money is not supposed to be used to help non-owner occupied residences, and it is especially not to be used to help people who perpetuated the problem and drank their own Kool-Aid. He should be foreclosed on, and no TARP money should be used to subsidize this person.
This also proves that more accountability and regulation is needed for those involved in real estate transactions. Can you imagine if a stock broker at Morgan Stanley said, "15% appreciation is in the bag"? This is the greatest investment most people ever make, and you have people like this who claim, unprecedented returns compared to history... if he was a stock broker, then he would be in jail for the claims he has made. He should be in jail, and he should be made an example of what a fraud he truly is.
I look forward to your immediate attention and action on this matter, as this is a fraud to TARP, congress, and the taxpayer.
Crackercakes
