TJ Colatrella, Winner of Karita Hummer's Silver Pen Award for "Solution to Sub Prime Mortgages Peg them at 2-3% Above Prime..!"

TJ Colatrella, Winner of Karita Hummer's Silver Pen Award



Cross-posted from Daily Kos

http://www.dailykos.com/story/2008/3/27/13355/3932/687/485457

"Solution to Sub Prime Mortgages Peg them at 2-3% Above Prime..!"
by TJ Colatrella
Thu Mar 27, 2008 at 11:19:33 AM PDT

I have the solution to the Sub Prime Mortgage Crisis...

It's a simple fair real solution which will avert many millions of American families from losing their homes causing an even greater housing crisis and devastating negative downward pressure on the rental market, which is already limited and badly inflated..

It also saves the American Tax Payer from bailing out either the banks and lending institutions and or the borrowers who are subjected, I feel unfairly to a very mean spirited negative group who care more to see these folks homeless and traumatized through eviction than what's best for not only these poor folks our fellow Americans, but also our nation in this crisis..

* TJ Colatrella's diary :: ::
*

As you see in the title the plan and what is undeniably the solution is to simply Peg these Sub Prime Mortgages at 2 to 3% above Prime the Prime Lending rate that is..and forgive all penalties these home owners are subjected to to date 1/2 of which are illegal as has been widely reported..and is record..

We are facing a true financial and housing crisis due to the unbridled greed and dishonest lending practices that were so common and proliferated in the real estate market which rewarded Realtors and Mortgage brokers for directing and enticing many of these would be home owners into these unscrupulous Mortgages which were predestined to cause these folks to not be able to meet it's ridiculous escalating interest rates after a short period..these are what are referred to as unconscionable or to contain "Unconscionable Clauses.."

Implementation of this simple fair not just plan but solution must still be worked out but one big factor and part of it is to not give these lending institutions or banks a huge multi-billion dollar bail out and this could be eventually nearly 1/2 a Trillion dollars before it's all sorted out I have read and heard as much as $480 Billion or more just due to the Sub Prime part of our current economic crisis which will prove to be a depression for 60-80% of Americas before if it ever runs it's course..

As many of the economic indicators are no longer really applicable to the national or personal prosperity the statistics will not reflect as you may realize they all ready do not to your personal economic reality...

Now all this plan takes to save millions from 20-30 million Americans from the potential 8.8 homes which may be foreclosed upon from creating a sea of homeless wanderers displaced persons refuges within America reminiscent of the depression of the 1930's and the dust bowl days of Woody Guthrie and Tom Joad and Joe Hill..

It may take an act of Congress or even a process of court decisions let's remember the FBI is already investigating 13-23 brokers of these mortgages..lenders etc..as I have heard and has been reported..

So if there was as is more than likely actual real criminality to many even most of these Sub Prime Mortgages this bad paper which is being used to bury these folks beat them down to their knees with interest rates now from 11-14% even higher with penalties that are nothing less than medieval..as have so many of our economic policies become as McCain professes pure Calvinism in all it's worse aspects if not the law of the sea or Deuteronomy..economics..

So remember as you hear all this talk and wringing of hands over all these foreclosures and it is a potential 8.8 million of them we are talking about not just the 2.4 million this year or 4 million they talk about but in the end as these other mortgages accrue blossom into the lethal flowers that they were designed to become it is 8.8 million households million of families 20-30 million American who will be effected if not more..

That these is a Simple Fair Solution that would not cost any Tax Payer ant money but would do the right and fair thing for our nations good and in our nations best interest..and that is...

Peg the Sub Prime Mortgages at 2-3% Above Prime and forgive all Penalties to Date..!

Simple as that..!