To: President Donald Trump, The United States House of Representatives, and The United States Senate
Save Our Homes!
All Banks that accepted a bail out should revaluate all mortgages to reflect the lesser of 1) the home's actual value or 2) the amount currently owed and adjust all mortgage due amounts to this value
AND
Banks should adjust all mortgage interest rates to a FIXED rate that is the lesser of 1) current interest rate or 2) prime rate (currently 3.25%) plus 0.5% .
AND
Banks should adjust all mortgage interest rates to a FIXED rate that is the lesser of 1) current interest rate or 2) prime rate (currently 3.25%) plus 0.5% .
Why is this important?
Many people are loosing their homes, still! Either they see no hope of recoverying the cost of their homes due to dramatic home devaluations or they have no means of covering the mortgage payments due to loss of jobs or having to take lower paying jobs. Instead of allowing foreclosure as the only means to address this, Banks should step up to address this properly. Additionally, if done properly, this would put more money in the hands of people to further help stimulate the economy and NOT increase the deficit.