Bri’s Idea Of How To Fix The Housing Market

As many of you know, Brian was running for House Of Representatives until my father passed away. Things got crazy (and it’s still crazy) so he decided to drop out. Before he did, he gathered a bunch of views and ideas he had and put them up on his website.

Since the idiots in Congress can’t get their act together and pass a bill that would try to save us all from hell, I persuaded Brian to start calling around and tell them his idea. This idea would fix the housing market which would lead to a more stable economy, thus saving us all from a recession or depression. Here’s his plan (from his website):

In the past couple of months many people have noticed mortgage companies and banks have been losing a lot of money and people are being forced out of their homes. It is terrible when people lose their life savings, their homes, and have their credit ruined all in one fell swoop. I think there are a couple of very simple steps to correct this situation so no more people will fall prey to this kind of lending again.

The first thing to do is save people who are in foreclosure or who are about to go into foreclosure. In order to do this, I propose that we use the HUD (Department of Housing and Urban Development) to refinance all the loans that are resetting to higher rates into fixed rate mortgages. I would also increase the amount of time that a family has to pay back the loan from a traditional 15 or 30 years so that they can spread out the payments to something that they can still afford today (say a 60 year mortgage) with no penalties for early payment. People can say in their homes with a mortgage that is manageable. Also, they should be able to pay towards the mortgage what they can afford to spare in order to pay the loan off faster without penalty.

The second step to saving the mortgage industry is to enact legislation that will stop predatory lending. This legislation should force mortgage companies and brokers to make potential buyers more aware of the consequences of the loans they sign.

Just wanted to put Brian’s idea out there. He already called a few of our Maryland congressmen and explained it. They probably won’t get back to him cause they don’t care.

Brian doesn’t care if he gets credit for this idea or not. He just wants a solution, as do I, as should all of us.

If you think this is a good idea, share it or whatever.