Posted by
PoliticalCircusBlog.Blogspot.Com on Wednesday, January 28, 2009 8:05:00 PM
Where are all the great thinkers? We've been advocating these ideas for more than three months!
Here, and only here, will you find a way to make the recession "go away." Someone in the Congress writes a bill ordering banks, and all other entities, that make loans on homes, income property, commercial property, industrial properties that currenlty service negative amortization loans, to freeze interest rates and "recast" or modify every loan, originally written for 30 years, to be rewritten at no more than 4% fixed for the duration of the loan.
That means that each loan, written for more than 4% is rewritten to reflect a fixed rate (4%) for the duration of that loan. The Government and lending institutions have made it to easy for home owners to give back their equity challenged properties. Most homeowners want to keep their property and watch the market turn so they can recoup their investment.
Negative amortization programs are stealing the "American Dream!"
Credit card companies. What a crock! These folks are charging up to 30% interest on unpaid balances. These companies should also modify each card holders interest rate to under 7% and allow folks the ability to catch up on their payments instead of "hocking" their families futures.
More than 97% of us are keeping our heads above water, but getting the economy back to a well oiled machine, producing goods and services that create jobs, and giveing folks the ability to accumulate captal, makes more sense than watching our country crumble before our very eyes.
The majority of the loans banks have made, were bundled and purchased by Wall Street and World Markets. These loans were sold at percentage rates well below 3%. Banks have already made substantial profits! Instead of international funds and our 401 K's being reduced to 101K's let's use some common sense and get this economy moving right now!