The numbers are Staggering!
I read an article this morning that had statistics that were incredibly staggering! 18.5% Property Value decline in one year! This was based on 20 cities and over 8 Million homeowners are upside down in their mortgages and if we lose another 5% of value the number will be over 10Million!
With these numbers we need a plan and get this plan in action. Instead of being reactionary and keep breaking out the box of bandages we need to look at a pro-active plan. Something that will slow down or even stop this rate of foreclosures! My plan is simple, the lenders write off 30% of the balance, re-write the loans at 40 or 50 year terms, make an affordable option to stay in their homes so that it is more cost effective to stay in home-ownership and keep all the benefits vs. renting!
The 30% will only be completely forgiven if the homeowner stays in this loan for a minimum of 10 years. the lenders will make the money back in interest on the back end or be able to re-sell the loan as a performing loan and this will be much more productive for everyone involved!
Also if the payments are more affordable this will also bring more money back to the local economy by having more expendable cash to eat out, buy a new car etc.
The bailouts aren’t working, we need a new solution, I think people have been thinking to far outside the box that they forgot where the box is and what it is supposed to look like! Back to the basics, keep it simple and slingshot America back into recovery with solutions not bandages!
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