The 99% Declaration » 15. Foreclosure Moratorium, Mortgage Refinancing and Write-downs.

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# 15. Foreclosure Moratorium, Mortgage Refinancing and Write-downs.

Grievances Add comments
Dec 082011

Foreclosure Moratorium, Mortgage Refinancing and Principle Write Downs. Adoption of an immediate plan to end the mortgage and foreclosure crisis. The Federal Reserve Bank shall not be permitted to make virtually interest-free loans to banks that hoard cash or invest it by trading on their own accounts in their own securities divisions. These cash-hoarding banks that refuse to loan to small businesses, consumers or write or refinance mortgages to credit-worthy people have selfishly extended the worst recession in American history. To end these practices, apart from reenacting Glass-Steagal, the federal government shall buy all “under-water” mortgages and debts in foreclosure and refinance these mortgages at an interest rate of 1% or less because that is the approximate “discount interest rate” (presently 0-.25%) the Federal Reserve charges the banks. Moreover, because the American taxpayers rescued these lending institutions after they greedily made risky loans, bundled these bad loans and then sold them off, the originators of these bad loans will be required to partner with the federal government to pay the cost of “principle write downs” on all foreclosed or underwater mortgages. These re-financed debts will be managed by the newly established Consumer Financial Protection Bureau, the current Freddie/Fannie trustees and an independent non-partisan foreclosure task force appointed and overseen by Congress and the Executive Branch. This task force will determine, on a case-by-case basis, whether foreclosure proceedings should continue based on the circumstances of each homeowner, the assistance refinancing and principle write downs would offer and the conduct of the financial institution when originating the loan. New direct loan mortgage programs will be offered to all homeowners by the federal government {who now own millions of these bad loans} at the discount window rate because the banking industry has proven itself an unworthy steward of the American dream of home ownership.

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### 5 Responses to “15. Foreclosure Moratorium, Mortgage Refinancing and Write-downs.”

1. reddog says:
   2011/12/29 at 9:32 pm

   Allow homeowner to change status from delinquent mortgagee to rent-to-own. this keeps house occupied and reduces state liability for homelessness.

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2. sushiney says:
   2011/12/27 at 7:21 am

   I feel very strongly that a grievance must relate to government activities and not an individuals personal choice or to asset contract terms. I know many families who were foreclosed on over the past decade for a variety of initial reasons but they all related to 1 reason…. the persons inability to continue to pay on the commitment they made.

   A study of the history of home value shows one that until the price of housing per habitable square foot has been reduced to match a regions labor costs the market will not become stable again. And this grievance does nothing to facilitate that & is instead targeted to satisfy a specific groups desire to remain in a dwelling they can personally no longer pay for.

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   - reddog says:
     2011/12/29 at 9:36 pm

     “price of housing per habitable square foot has been reduced to match a regions labor costs”
     This is the technique i’ve used for years to relate purchase price to rental value. A simple technique, it can be done in a bar with a newspaper and a beer.

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   - pclark44224 says:
     2012/01/06 at 11:33 pm

     I agree with your principle of personal responsibility, and under most circumstances I would be right beside you.

     However, in this particular instance, I can’t in good conscience agree with with banks foreclosing on peoples homes after those same banks have taken a federal bailout (which should not have happened) to prevent their own financial collapse. Its hypocrisy.

     One of two things has to happen.

     A) The government must take control of the debt as outlined in the original text above.

     B) Any bank that has accepted federal aid, either directly or indirectly as a subsidiary, must refinance all previously held loans at an interest rate similar (ie +/- 1%) to the interest given on their loan from the federal government, against the original principle loan amount, no previous interest compounded.

     Other solutions may be present, these are just the two I see right now.

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3. kforthun says:
   2011/12/21 at 12:42 am

   If you get foreclosed on, stay in your home and save money it takes a while for the sheriff to show up!

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