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$700 Billion Alternative

Mortgage and Lending with Jay Epstein State Farm Insurance

Here's an idea that should spark some debate:

Take $700 Billion and distribute among every American homeowner - effectively paying down up to 10% or so of every homeowner's outstanding mortgage balance.  Couple this taxpayer/homeowner payout with a lender requirement to modify all 1st mortgage notes carrying an interest rate of 8% or higher to a lower rate.  This provides instant equity and affordability for existing homeowners, stops the foreclosure process in its tracks and would offer immediate relief to our heavily depressed real estate market.

Bill Gates, Cindy McCain, Warren Buffet, Ted Turner, and the Bush Family can pool their vast resources with Exxon and Shell to bail the banks out.

Roland Woodworth
Blue Cord Realty - Clarksville, TN
Blue Cord Realty

Great ideas here.. just only if someone who has to power to listen and make changes will do so.

Sep 27, 2008 08:22 AM
Mike Hogan
The Hogan Group at Keller Williams Realty - Mechanicsville, VA

or better yet- Pay that $700B out to all the taxpayers who actually paid taxes last year. That would be enough to TOTALLY pay off our mortgages. If you didnt pay any taxes- you dont get any money. I like that idea!!

Oct 05, 2008 01:00 PM