To: President Donald Trump, The United States House of Representatives, and The United States Senate
Reduce mortgage principal campaign
The biggest issue facing the U.S. economy is not whether or not the Bush era tax cuts are extended. The biggest issue is that 15.7 million Americans own a home which is currently under water. It's time to reduce principal on all Fannie Mae and Freddie Mac mortgages. Replace Edward DeMarco with someone who will reduce principal now.
Why is this important?
According to a new report published by Zillow, 15.7 million Americans, or 1 in 3 homeowners is under water on their mortgage. http://www.zillow.com/blog/2012-05-24/zillow-negative-equity-report-shows-1-in-3-mortgage-holders-underwater/
Many of these home owners are not fixing their roofs, not remodeling or even maintaining their homes. In my area, 42% of homeowners are under water, most of us with at least $100,000 in negative equity. For these families, it will take 10 years or more paying their current mortgage rate before the house is even worth what they owe. The economy will continue to suffer until this group is brought up to date on their mortgage. Reduce principal now. If Ed Demarco can't get it done, replace him with someone who will.
Many of these home owners are not fixing their roofs, not remodeling or even maintaining their homes. In my area, 42% of homeowners are under water, most of us with at least $100,000 in negative equity. For these families, it will take 10 years or more paying their current mortgage rate before the house is even worth what they owe. The economy will continue to suffer until this group is brought up to date on their mortgage. Reduce principal now. If Ed Demarco can't get it done, replace him with someone who will.