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If
I could show you a simple, fast and easy-to-implement way to solve the home
foreclosure crisis and, at the same time, fund county and local governments,
would you be interested?
Here's
how:
*** Set up an independent, non-profit foundation in every county in the country.
*** The
foundations become the primary lender for the residents in
the
county. The foundation services home owners, small
businesses , auto purchasers, student, and the like.
*** The existing banking system continues to fund corporate loans and other
privately owned projects where loans are measured in millions
of dollars.
*** The government declares
a suspension of all home foreclosures until the new system (described
below) is in place and functioning.
*** Start up moneys for the foundations
comes directly from the federal treasury in the form of zero interest loans
to the foundations.
*** One of the first jobs of each foundation
is to examine
the financial circumstances of home owners facing
foreclosure in their county using the procedures common to the home loan
industry.
*** The foundation acts and a mediator between the
borrower and the present
lender.
*** Those who have the ability to make the
payments are offered a new loan. Those
who do not are handled by the new and unique foreclosure process described
on our website at:
http://www.EconomicSanity101.com/bo-2-home-foreclosures.html#83
*** The foundation, the
lender, and an independent
appraiser, examine the circumstances and determine a fair and reasonable amount to pay the present lender.
Lenders are given foreclosure value for the home plus a bonus for
cooperating with the foundation.
The present lender is paid the agreed upon amount of
money to complete and close the present loan.
*** The
foundations then provide a fixed-rate, simple-interest loan
to the home owners. Once the foreclosure crisis is
resolved the foundations can begin lending to new home buyers.
*** The interest rate is fair and reasonable
such as four percent.
*** Once the foundations
are established
and functioning, they will bring in substantial amounts
of money. Profits can be used to repay the loan
moneys to the federal treasury and to fund county and local governments.
*** A detailed explanation
of the benefits, the results, how the program
works, and much more can be found in the
full proposal. Readers are
directed to:
http://www.EconomicSanity101.com/home-loan.html#83
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