Suggest a way for the government to get rid of foreclosed properties

Suggest a way for the government to get rid of foreclosed properties. The first step would be to offer the homes back to the foreclosed owners at 0% down at the current market price. The next step should be for the banks to reduce everyone else’s mortgage to current market value as of a few months ago. The purpose of that is to prevent the banks from falsely inflating current market value. They already have a history of doing that. All current mortgages would thus have a portion of the principal written off, and current mortgages must be re-done to reflect fixed mortgage rates of 4%. The number of years left on the re-written mortgages would be the same number of years left on the current mortgage.  Credit bureaus would be instructed not to penalize homeowners for the write-down of the mortgages.

The cost of doing this should come straight out of current and future bonuses for all bank employees [all the way to the top level]. Any remaining costs would be borne by Fannie Mae, Freddie Mac, and any current programs designed to funnel monies to the banks.

If this is not enough funding to absorb the losses, any remaining losses would be covered by a discontinuation of any deductions currently available to the entertainment industry. The way I look at it, Hollywood rakes in billions, and so do movie stars, directors, and other entertainers. They don’t really need any exemptions or deductions. (i.e. for their house, or work-related travel or whatever) They should just pay 40% off the top of their income.

About Kate Kresse

I love to write, I love to talk, I love to uplift people when I can. I am a woman in love with life. I am a wife, mom, tutor, writer, and I am a perennial optimist. (OK not every single minute but you get the point! :-)
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