US Housing Sec Donovan visits Reno Monday
The U.S. secretary for housing and urban development plans a trip to Nevada next week to explore ways to open up new refinancing opportunities for millions of distressed homeowners.
Join the discussion below, or Read more at The Las Vegas Sun.
#1 Jul 9, 2012
Since 2008/9 I have been sending emails to the president with no response whatsoever, RE how to handle the housing/banking mess. I was(am0 one of the poor souls who was hit right in the middle of the storm. as a person who, up to 07 was speculating with safety on building new homes,(just 2-3 a year), that all changed.
I mention this to support the notion that our president, had no plan to correct a horrible wrong, that was not caused by me or the many other builders and home buyers that were simply following the lead of the programs being offered by their trusted government and banks. A neg am plan inspired solely by GREED. Our president simply chose to take what his predecessors had left for him and he disappointed alot of us who voted for him when he signed the pack with the devil. The money went to the very institutions that started the problem and profited from it. Let the home owner who took advantage of a system that was absurd take equal fault but don't reward one criminal and penalize the other for their shared involvement in the crime.
My plan was fairly simple, albeit unorthodoxed. I advised the president to not give 600B to the criminal bankers and insurance companies, but instead simply let the u.s. tax dollar make the payments on the notes of the mortgages people could not pay. This monthly commitment would be on the mortgage payments not on absorbing the entire note. Any home owner who qualified, regardless of price of home.(loss of job, etc...keep it simple) would have 5 years to correct their situation. their note would be covered by U.S taxpayers. Banks would not have to bail out, their notes are being paid. Foreclosures and the immediate and far reaching contraction of home values would not have been an issue at all. The homes would not be foreclosed, auctioned, sold, etc.. NONE ! During the 5 yrs if a homeowner got their act together they could regain their home mortgage and start making their payments again.(home value would be the same as it was) and the deficiency would be added to the end of the note (EX. If it took the homeowner 48 months to correct the situation, then 48 months would be added to their mortgage (a 30 yr would become 34 years). The bank would then repay the govt the 48 months they were bailed out for. If the homeowner was unwilling or unable to cure themselves, in the 5 yrs (and there would be an incentive if they could correct their situation in less time), then the house would be given to the state the home was in, lottery system, who would raffle the house. If it had a $350k note and the U.S. had made 48 months of payments worth 100K, then The state lotto would sell enough raffle tickets to raise $450k at $50 or $100 per ticket. Bank gets their money, U.S. gets theirs and the home buyer gets a chance of a life time.(winners would have to meet qualofying standards, like take the house, maintain it for 4 years, etc. Could not sell in less than 24 months, and if so not for less than x% of its value. you would make sure the buyers of the home needed a home to live in, not just some carpetbaggers, like we have now looking to profit form the unfortunate loss of another. It could still be done today. although way later than necessary and the banks have already raped many poor home victims and people's credit is shot. there is still a lot of upside down mortgages out there and people in trouble. It could stop the bleeding, stop bailing out the banks. Do something for the people you promised to help. Get creative and make it happen. Beelieve me, I am not the only one in America sick about what you have doen and creative enough to help manufacture a solution. I'am here, if I can help, let me know. Remember our president won on "I Can" do it..Well the chance to put your meaning where your mouth was, is still there
Hope someone reads this
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