Caution... This Is A Rant... Real Solutions To Resolving The Housing Crisis... Jump Starting The Economy...
Forget about HAFA or HAMP, Phyllis Lerner and a common sense practical approach to the housing crisis that will help boost the economy. Go to Phyliss original post to comment and write to your Representative or forward this to them. Get involved and make a change.
It's no secret for quite some time now... the ailing American economy is very closely tied to the ongoing real estate crisis and cannot and will not heal without a meaningful recovery in this vital sector.
Homeowners across the country have seen their home values reduced to levels that in many cases would make it impossible to rebuilt them if they had to... they aren't allowed by their lenders to re-fi their mortgages because they are so upside down... instead they are being slowly bled dry by these lenders... forced to spend their life savings to stay in their homes... and in many, many cases have to helplessly look on while these very same lenders finally forclose on them when they loose part or all of their income making it impossible for them to keep up with their mortgage payments... while those responsible continue to make profits of these foreclosures... and to add insult to injury keep showering their top executives with obscene bonuses while blaming the victims for the malaise.
While trillions in tax payer bailouts and other incentives were bestowed upon these banks by our ill informed and short sighted elected officials they are still not willing to lend, reduce principal or restructure mortgages in any meaningful way.
All of these half measures and ill conceived programs our polititians have come up with so far achieved only two things... the banks are able to hoard a couple of trillion dollars while the average Joe is drowning.
Don't they realize that they are going to force everybody and everything, including themselves, into bankruptcy with their greed and unwillingness to do the right thing?!
Here are five simple steps which need to be implemented to solve the problem:
1. lenders must reduce all outstanding mortgage principal to market value, at once
2. then automatically refi everyone at 4%, 30-40 year conventional, no questions asked
3. give out of work individuals a 12 months mortgage payment holiday, so they can get back on their feet
4. ban foreclosures and short sales for the next 24 month to put a stop to the downward spiral
5. stop paying out bonuses to be able to finance the above
These steps would free up billions of consumer dollars which would revive the economy in no time... benefiting everyone.. including themselves.
It's high time for the banks to dial back their greed. What do you say?
Phyllis Lerner, Realtor
Broker / Owner
Westchester County NY - Real Estate Listings, Sales, Rentals & Services
914-438-7556Voted 2010/2011 FIVE STAR Real Estate Agent by Westchester Magazine
(Disclaimer: Any and all grammar, punctuation and spelling mistakes located within my blogs and other content are purely for your amusement and entertainment. Some of my AR blogs are either copies of or loosely based on some of my newsletter articles found throughout my web sites and elsewhere. Others were exclusively written for my AR blog.)
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