SAVE THE AMERICAN HOMEOWNER!

The Mortgage Bankers Association states that 40% of homeowners are 60 days or more past due on paying their mortgage. 1 in 4 are underwater. Folks, that comes out to be 10.7 million hardworking or unemployed Americans!

So if your Realtor is telling you we're at the bottom, it may be time to ask for a 2nd opinion.

While the powers that be sit groping for a solution or are content to let things stay the same, homeowners in trouble are wanting some help. As Big Banks point fingers at homeowner greed, their overuse/misuse of available credit; homeowners point fingers at Big Banks and their fraudulent lending practices, etc. What is being done? What can be done?

If so many are in a position to just walk away and leave the banks holding the bag, how can that be good for the country, your community or neighborhood? Seems like we're in a 1970's Jimmy Carter type negative spiral unable to get off the ride.

Maybe the FDIC, The Treasury or even Big Banks need to begin a program whereby those under water can begin to pay back what they owe at reduced interest rates (0%, 1% or 2%) allowing for that portion of 1st & 2nd mortgages underwater be what once was once calculated as the interest.

Let's see, suppose a homeowner owes $350,000 on a home that's now worth $200,000 or $225,000. Why not allow for that portion of the $125,000-$150,000 due to be paid, be paid at 0%, 1% or 2%?  Rather than the bank continuing to accumulate interest, late fees and foreclosure expenses all the while ruining homeowners credit, neighborhood values and whole communities from repossessed homes in teh process, let's have the FDIC, Treasury or President Obama say "THAT'S IT! Today's value is your properties value. Pay back what you owe and let's get this country moving forward again."  

Oh wait, didn't the government propose such a program of loan modifcation that banks chose to ignore or was it the homeowners who couldn't meet the program's stringent guidlelines?

Here we go again with the finger pointing.