First campaign commercial- addressing the foreclosure crisis: Esrati: My Neighborhood

No matter where you live in OH-10, you have had it happen. A neighbor loses their job (GM, NCR, Iams, the list goes on) or a family member gets a terminal disease, or gas prices go up to $4 a gallon and begin the slow process toward foreclosure.

The banks refuse to renegotiate the loan, lower interest rates or even rent the house back to the former “owners”- they file paperwork (sometimes with a robo-signer) and ask the government to do their collections (I can’t get the sheriff to collect for me).

The homes in nicer neighborhoods (like Mike Turner’s gated community) are carefully maintained and secured. Ones in my neighborhood- are vacated and left in limbo as the looters or the speculators do their thing and the house loses value faster than my kids eat ice cream.

Because we’ve allowed loans to be sold off and traded like commodities- our communities are at the mercy of the Wall Street Casino. My loan has been sold off more times than I care to count: US Bank to GreenPoint to CountryWide to Bank of America to IBM to SETERUS where they now are trying to claim that I owe them for insurance that they bought on their own without checking with me at a rate of at least 3x what my policy cost.

Foreclosure affects us if we want to sell our homes- dropping the comps that are “necessary” for the banks to lend. They have also made it a great opportunity for real estate speculators who buy and flip homes- often without doing any improvements thanks to inside connections to the banks and access to capital.

It’s time to change the discussion of who is to blame for the mess- to what are we going to do about it. The banks haven’t done a fraction of the refinances that they were told to do by Congress through the “Making Home Affordable” program. Often times after the banks kick the people out- they turn them over to a subsidiary and write off the loan, hoping to show a profit when the subsidiary flips it. It’s time to stop the madness.

Here’s my first campaign spot: Foreclosure

Once people leave, entropy sets in and the value begins to drop. Let’s make the banks think twice before they uproot our neighbors, forcing them to either rent back the property- or maintain it in the same condition as when they kicked the people out.

That way, the bank shares the pain with you, instead of foisting the burden off on you.

If you like this video- and want to see a voice in Congress that isn’t being subsidized by the banking industry, please consider donating to my campaign using the widget on the right or going to and making a donation.

I want to be the candidate of the Democratic party to take on Mike Turner in OH-10. I believe my skills, both as a special operations soldier, a small business owner, a blogger and community activist and last but not least, an advertising pro, can make me the best choice to face the incredible money-raising skills of our current corporately owned congressman,

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LynnJ. DziwulskibobbyTeri LussierShortwest Rick Recent comment authors
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Marianne Stanley
Marianne Stanley

Well done, David!!!!!   Yours is the voice that needs to be heard.   Where are all the bigger donors who could put you over the top in this struggling economy?  Maybe the people who care are kept too busy just trying to survive to do much else.   Surely though, there are some in Dayton who can afford to plump up your campaign and, by doing so, give a gift to the whole community!  


Awesomeness!!! I love it! Well done ;-)


Hey Dave…the recurring payment was tricky!  lol – any clarification and i’ll sign up ;-)

Shortwest Rick
Shortwest Rick

I think you’re on to something here David.

Teri Lussier


You nailed it. I’d love to see banks maintain those homes in the same condition. Sometimes that is still distressed, but there is no reason for it to get worse. And from where I sit (Realtor) I have to say that certain neighborhoods appear to get more attn from banks than other neighborhoods. What I would love is to see the banks quit determining which neighborhoods are worthy of attention, and which should be allowed to deteriorate, allegedly. Anyway.

You would have your work cut out for you here, God bless you, as banks fund campaigns. Pull that out of the equation first, would you? 


“Often times after the banks kick people out-they turn them over to a subsidiary and write off the loan, hoping to show a profit when a subsidiary flips it.”
   Today, what incentive is there for the banks to secure and maintain the loan collateral when 96.5% of the home loans(WSJ April 30, 2010 in this country are guaranteed by federal government entities? What is there for banks to write off when Fannie, Fredddie and the FHA make them whole once they have foreclosed? 
  One could make the case that the government is a part of the problem.  Lenders bid the principal and delinquent inerest at Sheriff’s auction to insure they will receive government insurance guarantees. These bids are generally greater than the appraised value of the Sheriff. This eliminates investors and owner occupiers (free market) from purchasing and maintaining these properties 
as they sell to the plantiff above market value. The governmental entity or bank, on behalf of the entity, then lists the property for sale at a price that would have brought a free market buyer at the auction.  This practice creates months of additional vacancy and neglect.
  In addition, many borrowers walk away from their property prior to foreclosure. Property neglect may begin before the lender has taken title. 

J. Dziwulski
J. Dziwulski

Excellent.  Dave, you hit it right out of the park…Damn…


“only allow the original loan issuer have the right to evict”

  This would reduce liquidity, and require a greater risk premium (assuming the note is not guaranteed by the government) that would translate into significantly higher mortgage interest rates. Higher interest rates would depress the housing market even more. Fixed rate mortgages would become history. 

“ban the owner of the note from buying it back if they kick the tenants out”  

  Banks will not be anxious to make a loan secured by real estate, have the borrower quit making payments for months or years, then be forced to rent to these same people. Is this based on the assumption that the thousands saved by not paying their mortgage will enable borrowers to pay rent?

You may want to rethink these solutions.  


The next time you go look at raggedy properties in your area, I would like to come tour,  Lynn