Dear President Obama,

While I am a citizen of the United States of America, I firmly believe in the principles of free trade and capitalism.  These practices involve the market correcting itself without the influence or involvement of the government.  However, I am willing to bend on these principles if you are willing to accept my proposal on how to spend the $1 TRILLION in your economic stimulus package.

Here are my terms:

1) Payoff every single mortgage (1st, 2nd, etc) on a primary residence for every single citizen in the US.  The mortgage(s) must be under the current conforming loan limits.  There are no other restrictions to this.  I think that this is more than fair since you and your buddies influenced FNMA and the rest of the industry to write those laws and practices that have put us in today's financial crisis.

2) Any left over monies must be placed into safe investments (not controlled by the government) and used to increase the benefits of our armed forces.  This is not limited to current active duty personnel, but also for veterans.  Our troops are overseas dying, so we can forfeit our rights of capitalism that your administration is going see fit to ruin.  The least we can do is give them something more for their families that are still stateside waiting for their loved ones to come home.

Now, let's look at what doing these two simple things will do for the American economy.

1) Paying off all mortgages under conforming loan limits for primary residences will:

• Free up a majority of Americans monthly expenses.  In many cases, Americans will stop living paycheck to paycheck.  People can start investing again.  Disposable income increases which increases spending.  Spending means more demand.  More demand means more supply.  More supply means more work.  More work means more money.  More money means more spending.  Do you see a cycle starting to form here, Mr. President?
• With spending on the rise, these so called "Big Corporations" that you and your predecessor see fit to "Bail Out" will automatically be bailed out by doing what comes naturally under a capitalistic society.  Survival of the fittest in a business sense.  If they cannot succeed in a booming industry, then perhaps they should fail.
• Bailing out "Big Corporations" does nothing for the average/common American.  While the companies get fatter on our tax money, we Americans continue to suffer.  Giving the monies to the grassroots of our country is the only way to go...  Besides, doesn't one of our governing documents state "We, the People of the United States of America..." and not "We, the 'Big Corporations' of America?"
• Also, with all the mortgages paid off, banks would have money again to lend.  With the ability to lend again, mortgages outside the conforming limits might be able to refinanced at lower rates.  This helps those that would still have mortgages.  And let's not forget to mention that investments tied to mortgages will be improved due to the fact that bad mortgages do not dominate that market anymore.

2) You promised to pull our troops out which helped lead your victory to Presidency, but you neglected to say that you were bringing our troops "HOME."  What you really meant to say was, "I am moving our troops to a new war front."

• You got millions of families and loved ones excited that the war would soon be over and that everyone would be reunited.  But that was a lie, nay a misrepresentation.
• Money cannot buy happiness, but it can serve as retribution for your errors.  You see if the average American does something wrong, he/she is sued by the person that was wronged.  Settlement usually involves the wrongdoer paying money to the victim.  In this case, we are finding you wrong and forcing you to pay out to those you victimized.

As you can see, this is a very simple plan.  And it is one that millions of Americans will accept.  Sure, the citizens that have mortgages greater than the cutoff limit will be upset.  But remember, the needs of the many outway the wants of the few.

Sincerely,

Jason the Mortgage Broker

PS.  My consulting fee should you implement this plan is 1% of the stimulus package.