Monday, November 7, 2011

Letter to the states - It's up to you!


Now that Mr. Eric Holder, Attorney General of the US, has forced prosecution of the Banksters to the States, and allowed regulators to shirk their obligations to regulate this damaged industry, It's time to make the Cram-Down a legitimate tool to stop or end foreclosures, bail out our fellow homeowners directly, and stop the short sale debacle occurring in our country.
Cram down would compel lenders to write-down underwater or foreclosed on properties to current value, and issue a mortgage for that value (ie; 30 years at 4 or 5%).
This will :
  • Make the property affordable, keeping the homeowner in their property, and their community
  • Protect the remaining assets of the family unit
  • Make the property a performing asset for the financial institution
  • And, in most instances, the written down mortgage will recover most of the principal of the original note, preserving the capital base of the Bank
  • Clear foreclosure cases out of the overcrowded court system
  • End the blight of abandoned or poorly managed bank-owned properties in Florida, California, Nevada, and other states
Please put the pressure on, Get your states to compel the banks to accept cram-downs, and Florida/California/Nevada/et al will be on their way to being the greatest states to live in America.
Thank you for listening and TAKE ACTION!
V/r ,
Alan

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