October 21, 2011
It’s been a while, so I apologize for the lack of communication.
The fine gentlemen at the Texas A&M Real Estate Center turned out to be a yellow light instead of a green or red light. They raised some valid questions about the project’s functionality and acceptability in the secondary market, and I had neither the time nor the connections to have properly addressed them by the time we met. They had also been working on their own national mortgage reform proposal for the previous three years and were about to present it to Congressional staffers, so it was not a good time for me to solicit their support.
Since the TX legislative session was nearing an end and my bank account was getting low, I decided the best strategy was to back off of the project, get back to work and make a little money, revise the strategy and set my sights on the next session in 2013. Governor Perry throwing his hat into the presidential ring has opened up some interesting possibilities since then, making it conceivable to be addressed sooner.
Trying to get the word out and gain support for this project via a written blog is a bit tedious for my taste. I believe it won’t get through to my target audience nearly as effectively as a brief but to the point video message. I’ve been wanting to try some video marketing for some time now anyway, so last May I bought a new computer that can capably handle hi-def video and I have been honing my skills on different software editing programs. My home office now doubles as a video studio, complete with professional lighting, a green screen and a white screen. If I’m going to do this, I want it to look good and be effective. If it comes together as planned I have several different projects it will work for in addition to this one.
In September I also managed to have lunch with a couple of seasoned, experienced capital markets and risk management gentlemen. They are experts in the secondary market. It was one of the most enjoyable experiences I have had in quite some time. They started out justifiably skeptical of the concept, but three hours later I had either worn them down or won them over, I’m not sure which. Either way, they graciously agreed to make a few phone calls and crunch a few numbers to see if such a concept could function effectively as proposed in the secondary market. They also said they would run it past some Wall Street folks at the national MBA Conference in Chicago this month, and I’m anxiously awaiting their feedback. It may not end up looking exactly like I outlined it, but my gut tells me the general concept will still work. It has its best chance if we can figure out a way for Fannie, Freddie and Wall Street to benefit from it somehow and show how it can be duplicated nationwide.
If they give me positive feedback indicating this concept is viable, I’m heading back to A&M to try again to gain their support. If I get their blessing this time, I have a good chance of gaining support from both TAR and TMBA to help lobby for its creation. I will also post a video or two to help sell the concept and spread the word as much as the internet will let me. I think I’ll be proficient enough to have something online sometime in November. Wish me luck. – rb
goodluck buddy, looking great.