The Committee for Stabilizing America’s Neighborhoods

PAC

Re: The Committee for Stabilizing America’s Neighborhoods

The Board of Directors of Paradigm Default Services and The Mercury Alliance, the two companies which are operated by my partners, Ruben and Tiana Estrada and I, have approved an initial expenditure of $5,000 to initiate and form, a new political action committee (PAC) to offer guidance to lawmakers and the new administration about stabilizing America’s neighborhoods. “The Committee for Stabilizing America’s Neighborhoods” is a broad based coalition of Realtors, Realtists and others interested and connected to the practice of residential real estate and those involved in the housing business. This PAC has been established and registered in Washington. The Committee wants to share what we know and think of how the assaults on the viability of our neighborhoods might best be mitigated. Of course, the Committee’s purview will include suggestions as to the implementation of the “bail out”, suggestions on how the administration of a new RTC-like infrastructure (TARP) might better manage the disposition of assets from failed federally-guaranteed institutions and our belief that Realtors stand to assist their neighborhoods as the best disposition avenue.

Additionally, the Committee will recommend liquidation channels which are supportive of neighborhoods as opposed to auction sales at fire-sale pricing which serve only to exacerbate losses and further downward price spirals. Throughout the history of our country, America’s developing neighborhoods have been well supported and represented by its’ licensed real estate professionals who work and live in these very neighborhoods.

The Committee intends to leverage relationships to force corporate absentee property owners to fulfill tax, assessment and property maintenance responsibilities. The Committee supports education to ensure that loss mitigation alternatives are offered and understood in the same manner, and to the same degree, that RESPA has attempted to inform homebuyers of salient loan details.

We expect to be loud and pro-active in recommending that Federal disposition programs do nothing further to undermine fragile communities and neighborhoods under stress. The Committee hopes to propose and gain support from lenders of a Pledge to Stabilize American Neighborhoods thereby ensuring that the necessary standard of care in the maintenance of bank-owned assets helps to stabilize our neighborhoods as the stakeholder and neighbor the bank or servicer has now become.

The Committee believes that Realtors should play a prominent role in the disposition of assets acquired by the Government. We want to see the government committed to allowing open access for all experienced real estate service providers and not just the well-connected government contractor lobby because they are experts at government contracting and bidding.

No doubt there may, and will likely be, other initiatives and concerns added to our agenda over time. Our PAC is not a one election platform.

If you believe as we that the time is clearly here for us to stand and be counted, please pass this invitation letter to fellow associates who may be interested in having a small part in working toward improving the future of America’s neighborhoods.

Today is the first day of our initiative to stabilize America and its neighborhoods! And we are now collecting contributions for this use.

Note: On Wednesday, November 5, 2008, Ruben and I and L. J. Jennings of the NAREB have a meeting with the Honorable James Lockhart III, Director of the Federal Housing Finance Agency, Office of the Federal Housing Enterprise Oversight (OFHEO) who supervises the activities of both FannieMae and FreddieMac. Additionally, we have requested meetings with the Director of the FDIC, the presidents of FannieMae and FreddieMac, several congressmen and senators.

Tom DiMercurio, Chairman
Ruben Estrada, Treasurer

Contributions can be made payable to:

The Committee for Stabilizing America’s Neighborhoods

c/o Ruben Estrada, Treasurer

303 E. 17th Street, Suite 108

Denver, Colorado 80203

The phone is shared with Paradigm Default Services, LLC: 303-551-8980.

A website will be shortly unveiled.

Posted:  10/30/2008.