Letter to the Governor

Posted March 30th, 2008 by Joe Kaiser

In reality, someone has to write the checks that stop foreclosure. Without investors, who will?

Dear Rob,

Here’s a copy of my letter to Governor Gregoire, addressing HB2791, the distressed property conveyance statutes your office has created.

It’s bad law, and the fact your office cannot see that is staggering, as is the fact you’ve learned nothing from the disaster that resulted in Minnesota where this kind of law was enacted earlier.


Dear Governor Gregoire,

On Monday you’re acting on HB 2791, the distressed property conveyance bill.

As a long time foreclosure investor, I assure you it’s a “feel good” bill that will do nothing but remove investors from the foreclosure marketplace and cause MORE, not less foreclosures.

The AG admits it’s based on the MN 2004 law. That law has seen foreclosures in Minnesota increase BY A FACTOR OF 5 in some areas, where foreclosures have reached Depression Era levels.

Investors play a CRITICAL ROLE in preventing foreclosures. Removing the thousands of WA investors from the marketplace, as this law does, will leave homeowners in foreclosure with fewer options.

In reality, someone has to write the checks that stop foreclosure. Without investors, who will?

I’ve done some 400 foreclosure transactions in the last 10 years. That’s 400 foreclosures avoided, and I am just one guy. Multiply that by the thousands of WA investors who no longer will participate in the marketplace and there can be no doubt foreclosures here, like in MN, will skyrocket.

The bill, while well intended, is fatally-flawed due to a complete lack of a true understanding of the role investors play. The AG deems foreclosure investors as evil and therein misses the critical role they play in the balance of the foreclosure ecosystem. Without investors, foreclosures that might otherwise have been avoided will result in owners needlessly being put out on the street.

It’s a bad bill that has no place in a free market society where the right to freely contract, particularly when dealing with one’s own home, is vital and should not be abridged. One need only look to Minnesota to confirm its certain effect.

Please visit my site, www.pushedtoshove.com for additional info. Thank you.

Joe Kaiser

One Response to: “Letter to the Governor”

  1. David Alexander responds:
    Posted: March 30th, 2008 at 12:33 pm

    Additionally signed….

    David Alexander

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