The US government has bailed out major brokerages, the auto industry and banking institutions. In reality the American tax payer has bailed out these poorly run institutions which many now are turning huge profits.
With mid-term elections on the horizon isn't it about time that the politicians reward the responsible American tax payer and homeowner for all of their efforts in supporting the American economy on their backs?
You say you want to get re-elected. Well here is a proposal that will surely win you votes...
All residential mortgages shall have a one time adjustment to their interest rate fixing that rate for the remaining lifetime of the current loan to 3.5%. All variable rate loans will now be fixed for the remaining life of the loan at 3.5%. This adjustment to the interest rate is for ALL residential loans, owner-occupied or non-owner occupied. This one time adjustment is automatic and there is no application or fee. If you are currently behind on your payments your loan will be recast at the 3.5% rate and reset into a new 30-year fixed rate mortgage. It makes no difference if you have negative equity or if you are one of the responsible homeowners who is actually current on their mortgage. Everyone benefits!
The benefits would be wide spread and many more homeowners would have the ability to stay in their homes and remove the threat of foreclosure. Sure...the banks will complain, but when they were in trouble their hands were out looking for some help. It is now time to return the favor to the American consumer.
Would you vote for a politician who had the moxy to bring this up and thwart the lobbyists trying to protect the interests of the big banks? I know I would.
Comments (22)Subscribe to CommentsComment