Barack Obama
Obama standing with his arms folded and smiling
44th President of the United States
In office January 20, 2009 – January 20, 2017
Vice President Joe Biden
Preceded by George W. Bush
Succeeded by Donald Trump
United States Senator from Illinois
In office January 3, 2005 – November 16, 2008
Preceded by Peter Fitzgerald
Succeeded by Roland Burris
Member of the Illinois Senate from the 13th district
In office January 8, 1997 – November 4, 2004
Preceded by Alice Palmer
Succeeded by Kwame Raoul
Personal details
Born Barack Hussein Obama II(1961-08-04) August 4, 1961 (age 55)Honolulu, Hawaii, U.S.
Political party Democratic
Spouse(s) Michelle Robinson (m. 1992)
  • Malia
  • Sasha
Relatives See Family of Barack Obama
Awards Nobel Peace Prize (2009)Profile in Courage Award (2017)

Housing Regulations

Mr. Obama:

I am frustrated and angry about the condition of the banking industry which has really had nothing done to regulate it and especially pissed off at Fannie Mae and FHA who seem to be in cahoots to screw as many people as possible out of properties.

My business partner just bought a home from Fannie Mae who had accepted her offer but after the appraisal came and they were almost $50,000 lower in asking price, then Fannie Mae wanted all sorts of added documentation, even though they had previously accepted the offer. When they became too difficult the broker suggested she go thru FHA, which was a mistake as one hand feeds the other, I would suppose. FHA wanted our companies P & L and Balance sheets for 2013. We had a loss on the net income this year which was due to auditors writing off $89,000 in leasehold improvements in 2011 and our losing our lease in 2011 so we had to build out a complete new school. It is taking us some time to crawl out of the hole but both the U. S. Dept. of Education, thru which we get Title IV funding for our students and NACCAS, our accrediting body have stated that our financials are healthier this year than in 2012. They would not even look at the balance sheet which showed this, but then if as most gov't agencies are staffed by pretty much morons, I would assume they have no idea how to read a balance sheet.

FHA would not look at anything, because they want the property back so Fannie Mae can put it on the market for an additional $50,000 and again the omnipotent U.S. Gov't has screwed the less than 2% out of it once again.

I had hoped that after the crash, housing, something would have been done to keep the banks from profiting so much but as long as you are giving them $150,000 per house that goes into foreclosure, no one is saving their home from foreclosure because it is more profitable for the banks to foreclose on them; no one other than investors are getting homes; and the people who really need housing are left in the dust. What is fair about that?

I am disappointed in your lack of ability to achieve much in many areas which have a direct impact on our people. We need to sit on banks and see that they treat buyers with some modicum of ethics; we need help with our elderly; our young as children in this country should not be at risk. No one appears to care.

If I had the money, I would file a law suit on behalf of my business partner against both Fannie Mae and FHA, but then I am not one of the 2%. So we will just keep on keeping on, and our distaste for the gov't and all its agencies will just become more pronounced.

Sally Elsberry

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