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The Stimulus Package

February 18, 2009

Mark’s guest: Congressman Christopher Van Hollen

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  • Jack Heller February 23, 2009 10:22 pm

    Fixing the Housing/Mortgage problem in the easiest, and least costly fashion:
    Basic outline……
    Rewrite all loans at current balances with a 4%/40 year amortization due in 10 years. Irrespective of if they are under or over water. Those already in forclosure getting priority.
    All applicants must go through a stringent qualification process. Those who don’t qualify need to start packing right away. Those who do qualify get another chance
    This program calls for no new loan money and only needs to be able to give banks the amount of the diffrence of the interest they would have earned.
    This program also needs to be oversighted by a competent entity much like the RTC and no additional money to the Banks except as described above.
    Cost would be exponentialy deminished.
    More definitve information may be made available.