March 11, 2009
Dear Mary,
I heard you speak about Mark to Market. If banks lose as they mark dow assets on every loan they
make there will be no bottom. Mark to Market does not work for banks without radical changes.
Crashing asset value destroy everyone. Ultimately these rules benefit those that want to steal
banks assets for nothing.
Our government needs to be there for the homeowner and the banks not those that want to
destroy the capital markets. PLease stand firm on this. Performing loans should not have to be
written down to MARKET.
Transpenency is a buzz word for sell it short!
If we are going to have the theft of our entire Morgage back securities market then let them steal
it and get it over with. Then go back to what has worked so well for so long. Cost Accounting.
Either stand firm or role over but lets get this over with.
Also since short sellers say there is no real difference and this rule doesnt matter then put it in
place today. I am sure it wont matter. If I controlled markets and the Treasury and SEC I would
bring in the uptick today. I would go back to Cost Accounting with good regulation and oversight
so that the system was not abused.
Best Wishes,
Timothy Kershaw