” A Pale Green Mermaid Blog “
The problem across the US is lack of revenue.
Foreclosures are still happening at a unprecented rate. ( families are thrown out, houses sit and decay( I am judging this by my own neighborhood and what I have read), who benefits? short-term,the large investment banks through foreclosure fees)
Foreclosures are at the heart of this financial crisis because HOMES were used by the large investment banks as the key component of the so-called toxic derivatives (risky) ponzi-like investments that they sold nationwide to investors.
What we are seeing now is the attempted cleanup of those investments by banks by foreclosing and collecting the foreclosure fees RATHER than readjusting the sub- prime loans (mortgages)
Why are the banks who offered these credit card loans ( high interest loans, loaded with fees) not readjusting the loans as President Obama hoped, by lending them money from the government with low-interest rates ?, ( his mistake was not to make the loan of the money dependent on the use of the money i.e. only to readjust mortgages)
because they can make more money collecting foreclosure fees. ( as one bank official said)
This is not my idea I heard it on NPR (National Public Radio) long before the general public knew of the crisis but experts saw the impending problem and were offering solutions.
It was an official from the Reagan administration and the Carter administration. They said- offer a 4% mortgage readjustment across the board, to anyone that has a mortgage, those caught up in the crisis and those who were not.
VIOLA it is the answer, fair play- a democratic solution! banks were helped ( bailout)
now citizens should be helped and the resulting revenue will easily turn the economy around,
because communities would stabilize, citizens would stay in homes and the flow of money from those homes would be going into every nook and cranny of this great land.
The only party that would take a small hit are the banks that created the crisis, –long-term the banks will prosper as would the communities themselves.
All citizens who have been foreclosed upon or are in the process of being foreclosed or are in the pipeline of subprime loans to be foreclosed upon, need to organize into a lobby
yes, a lobby which is a group that forms to discuss a single issue with congress, and lobby to have all citizens be offered a 4% mortgage rate.
Think of all the jobs that will be created, paid for by the banks ! One expert early on said there are not millions of these bundled mortgage loans not billions but trillions.
So it can be done, all we need is one person to start this process ?
PEACE and any volunteers?
A great advocate below from www.wikipedia.org see for more info –
ACA (Neighborhood Assistance Corporation of America) is a Boston, Massachusetts (US) based, national, HUD-certified, non-profit, community advocacy organization. NACA’s primary goal is to build healthy neighborhoods nationwide through affordable home ownership. The organization was founded by Bruce Marks, a former Federal Reserve Bank of New York official, in 1988. The non-profit’s two major programs are its Purchase Program, labeled “America’s Best Mortgage”, and its Home Save Program, highlighted by NACA’s wildly popular “Save The Dream” events.
Save the Dream and American Dream Tours
To reach and help a maximum number of suffering homeowners, the telephone and internet based Home Save Program developed its “Save The Dream Tour” concept, taking the Home Save program on the road, effectively setting up mobile servicing centers on its tour stops. The first “Save The Dream Tour” event was held July 19–23, 2008 in Washington, DC at the Capitol Hilton Hotel. More than 20,000 homeowners attended. Each event averages five days and routinely sees 30,000 homeowners seeking mortgage help.
Representatives of the major servicers who have signed agreements with NACA are also on hand at Save The Dream events, providing same-day solutions for many homeowners on-site. Major breakthroughs with government backed investors such as Fannie Mae and Freddie Mac have been realized, with their representatives in attendance at Tour events also.
By the end of 2011, NACA had produced 55 “Save The Dream Tour” events, having visited especially hard-hit areas such as Chicago, Washington DC, Atlanta, South Florida and Los Angeles more than once. NACA’s eleven-day “Save The Dream Tour” event in Los Angeles, California January 20–30, 2011 was the largest foreclosure prevention and mortgage modification event in U.S. history. Los Angeles Mayor Antonio Villaraigosa addressed homeowners, volunteers and NACA staff at the event, expressing his astonishment and appreciation for the work NACA is doing and emphatically inviting NACA back for a fourth L.A. Save The Dream Tour event.
The event even drew the attention of the Hollywood motion picture community, with an admiring film crew creating a brief documentary of the event, talking with both homeowners and NACA staff members, including CEO Bruce Marks, about their Save The Dream Event experiences.
NACA began 2012 with its first ever “American Dream Convention” January 10–15 in Atlanta, GA. Every NACA staff member from all 40 offices across the country was in attendance for three days of training, plus a massive combined “Save the Dream” and “Home Purchase” event, with live, face-to-face counseling taking place all six days. The combined event provided to be so successful that the organization renamed their tours “American Dream” events and now bring both the Home Save and Purchase programs to each event. Reportedly, NACA plans to conduct a record 42 “American Dream” events in 2012.
Bruce Marks, NACA Founder and CEO speaking to homeowners at a NACA Save The Dream event.
Go Ahead, Make Me
I agree with you, I want to do it, now make me do it.
Franklin D. Roosevelt
Comment to a group of reformers. His point: Until they lead the way, they shouldn’t expect leaders to follow.