A Plan For America To Save Homes,
Create Jobs, And Eliminate The Federal Debt

We are not asking for any money or donations.
We are asking only that you pass on this plan to friends and neighbors.

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roy from tampa, FL

We are in bad shape, so I am interested in any idea that will help us. But if you allow everyone to borrow money again and they cannot pay it back, are we not in the same position again of the govt having to make good the loan and thus the debt goes up again. roy rood royerood@verizon.net

Reply from Remortgage America:

New mortgages would be available only to financially qualified borrowers. That was not the case before..

don from valley center, CA

This program sounds reasonable and definitely better than the bank debacle where most homeowners are losing, banks are making greater profits than ever before, and it''s hard to get a loan. There has been no common sense where banks take a loss on a home, current homeowner could have saved the bank from losing as much if interest rate/ mortgage was reduced rather than a bank sale, short sale or foreclosure and the homeowner family are left out in the streets - much of it caused by bankers and wall street betting on losses, etc. THE BIG QUESTION IS HOW DO WE GET THIS PASSED IN CONGRESS? CONGRESS IS MOSTLY IN THE POCKETS OF CORPORATIONS AND THOSE THAT CAN HELP THEM GET RE-ELECTED OR WELL PAYING JOB AFTER THEIR CONGRESSIONAL RUN. How do we get something like this plan to the next level?

Robin

I made a Facebook page, called Remortgage America, to help get the word out. I copied information from the website. Please like the page, and share with your friends. We need to gain a lot of momentum. Thanks!

joanna from effort, PA

if anyone thinks this problem is going away, you are kidding yourself. In my county the backlog of sheriff sale foreclosed homes is two and a half years...that''s at least 3 years of depressed home prices which is hurting everyone, rich and poor. We need 1 big plan to fix it.

Robert from Ventura, CA

Good way to nutralize the effects of the bad loans made during the housing bubble stampede. This method of buying up the "toxic" debt benefits the homeowners directly and the banks who own the mortgages. The losers would be investors who stand to gain if prices continue to fall below the cost to build, and banks who would lose a very significant piece of loan business. You know this will set off a howl of protest from the potential losers.

Frank from El Cajon, CA

The plan makes economic sense to us. We can no longer do what we have done in this country over and over as we are almost a bankrupt nation now. Frank El Cajon, CA

Guylene from Victorville, CA

This is a great plan but I do not see it ever happening because the fat cats will not lose. The rich, powerful, corporations, wallstreet and politicians will not allow anything to help the lower or middle classes get ahead. We can only pray for help of this kind. Unfortunately I do not see the above named letting America heal. They like it the way it is. The poor get poorer and the rich get richer.

Sylvia from Tampa, FL

I have been the Executive Director of a HUD certified housing counseling agency in Tampa Florida for the last ten years. Prior to that I was in real estate and residential lending for more than fifteen years. I have attended US Treasury and HUD round tables in Tampa and in DC and have spoken on the foreclosure crisis across the country. I also have been promoting a plan that I know will work and one which a national lender has adopted with a slight variation. In simplistic terms, the lender and homeowner would agree to drop the balance to 90% of the properties current value. A new mortgage is cast at 90% of that value. The homeowner must qualify at 31% of their income for this new lower mortgage amount. If the homeowner makes mortgage payments on time, after a 3 to 5 year period, the principal balance that was reduced is forgiven. I did not see in the plan you are promoting a feature for principal reduction. What we are seeing in our agency is many people that simply don''t want to be strapped with a debt that they will never be able to repay. So my question is "How do you address that issue?" Unless we address the drastic difference in value verses debt NO PLAN WILL WORK. Right now, the homeowner is taking the hardest it. I can tell you story after story of the underhanded way that some lenders are approaching the issue. For example, a client we had is a single mom with two small children. She did everything right, worked a full and part time job and was going to school to become a nurse. Then disaster hit and she was laid off of her part time job and her full time job reduced her hours. She could no longer afford to pay her $180,000 mortgage, but after our counselors analyzed her situation we worked with her and her lender and explained that she could afford a mortgage payment at $140,000. The lender refused, proceed to foreclose on the house and sold the house to an investor at less than $100,000. I can tell story after tragic story but unless these banks that have flourished at the hands of the multitudes realize that they need take a hit for their role in this debacle. I will be more than happy to share or discuss this issue with any interested party.

Reply from Remortgage America:

This plan does include a renegotiation of "underwater" mortgages, exactly for the reasons you discuss. And the result would be exactly as you explained. The holder of the mortgage loses less by renegotiating the original mortgage value than by selling the home in foreclosure. So both the homeowner and the mortgage holder come out ahead.

michael from cumberland, RI

This is a great idea but it will never happen. The rich republicans would throw water the kitchen sink or anything else they can find to stop it. As long as the rich keep supplying campaign funds to the idiots in congress we are doomed.

curtis from vista, CA

how is it that common people can come up with commonsense solutions, and the politicians in D.C. are completely worthless. I GUARANTEE that if this proposal was ever presented to anybody in Washington, and there were, let''s say two to three other plans that were horrible for the American citizen, they inevitably would choose the latter. Oh wait a minute, they already have. I am surprised, however, at the low number of responses to this message.

Jim from Venice, FL

I have wondered why something like this has not popped up by now. The ''parasitical'' banks that package mortgages will make money even at 1%! When you do a 30 yr. loan at 6% the holder of the note (your mortgage) will make huge profits on that mortgage. If your mortgage was for $300K you''ll end up after amortization at something in the neighborhood of $900K. Pull off the mortgaged amount and the escrow and the profits should be $375K or better. These are numbers right out of a assumption, but you can go to a mortgage-calculator program and run a amount with 360 mos. of amortization for yourself. Your 1% plan is very much needed, and if the gov''t. would empower FHA (Fanny & Freddie who are not the bad guys) we could cut the bad-guys; Goldman Sachs, Countrywide, Bank of America, Wells Fargo, Citigroup, Chase, completely out of the game. Remember, these were the criminals that perpetuated this fraud in the first place.

tony from newhall , CA

why is this not on facebook yet , or for that matter all social media

Betty from Hobart, IN

This is at the very least the best plan so far. I have always said that the stimulus money and bale out money, should have given to all the US taxpayers to pay off their mortgages and/or student loans up to $150,000 each. I know I could have paid off my home and have money left over to stimulate the economy. This plan was featured in an ad in the Chicago Sun-Times and was also featured on Channel 2 News in Chhicago and the commentators liked it, too.

rohit from hanover park, IL

YES, YES, THIS IS IDEA SO BRILLIENT THAT OUR SANATORS AND CONGRESS WILL NOT EVEN BE ABLE TO GRASP IT. THEREFORE, FIRST WE HAVE TO GET RID OF all OF THEM. RE-ELECT NEW young and patriotic people, who can keep this country at the heart and not their personna grid. EVEN AT THE 2% INTEREST IS O. K. I WOULD MAKE SURE THAT NOT A SINGLE BANK OR ANY SUCH AN INSTITUTION DO NOT GET INVOLVED IN THIS PROCCESS.

Michelle from Okeechobee, FL

This is a brilliant plan that is elegant in its simplicity. The plans offered by our illustrious Legislators has not put forth a single idea or proposal on behalf of us, the citizens of this country. I want to have something to leave to my children and grandchildren besides huge debt and a bleak economic future for our country. This plan is the sort of outside-the-box thinking that is so sorely needed to pull our country and its economy out of the pit. Those of us that have placed comments are the beginning of an all out grass roots effort. Now all of us need to begin seriously spreading this idea to everyone we know as well as to start hammering our legislators with this message. I will certainly continue to visit this site for future developments.

Helena from Cape Coral, FL

I lost commercial property in this depression like time we are in. I used my home to help out for the great investment I was making little did I know it was going to ruin me!!!! Now my home has been under modification for 2 years and I have to file bankruptcy!!!! This plan would really help the people. WE THE PEOPLE FOR THE PEOPLE, wow how our government is not for the people anymore and who do they think is behind everything the PEOPLE!!!!!!!!! America land of the dream and opportunity has turned into a nightmare. We are all getting sick along with the economy. SOMETHING HAS TO BE DONE FOR THE PEOPLE.

Timothy from Davis, CA

How to proceed: Form a Super PAC to raise money (I bet that the construction industry and unions would shower you with money!). Then you can blanket the media with ads touting your plan, send speakers coast to coast, and recruit candidates for Congress.

Timothy from Davis, CA

I urge you to pitch your plan to the construction industry. I am confident that they would support it, since it would obviously boost demand for new houses! Also pitch your plan to the Occupy movement (which you can find all over Facebook).

danielle from monterey, CA

Our Congress is not interested in doing anything to help Main Street ... they have proven that over and over again. In order to implement a plan like this, we need to fire current politicians by only electing non-incumbents who don''t know the ropes ... so they can reinvent the wheels of making legislation in a more sane way. Then we may have a chance to reign in the excesses of the 1% and begin to implement more sane policies. Lots of work to be done here. I would love to see this idea discussed on the many MSNBC talk shows. Have you approached any of them with this idea? Try Chris Hayes, with his new show UP. Keep this up, it will catch on eventually.

John from Oakland, CA

I think this idea is brilliant. As a retired economist, I''m disgusted that I didn''t think of it myself. It needs to be disseminated among the members of Occupy, and it needs to be covered by the press. Has Amy Goodman picked it up yet? The main obstacle I see is that the elites don''t want it. This is the richest country on earth, completely able to bail ourselves out of our current troubles. The problem is that the folks who need the bailing out don''t have the money, and the people with the money don''t want to do the bailing out. We all should at least sign the petition at movetoamend.org to remove the obstacle caused by the Citizens United decision.

Susan from Melbourne, FL

This sounds like the perfect plan for OCCUPY WALLSTREET to hang it''s hat on! How do we get this message and plan into ACTION???? Call Senators? What else?

Jonathan from CA

It''s a good plan. The only weakness I can see is tghat by making years one and two interest only, it''s a setup for new defaults when payments adjust. Perhaps better to have folks qualify at actual rates rather than the two-year teaser.

e.j. from miramar, FL

Dear Small Group of Concerned Citizens, You appear to be solid AMERICAN PATRIOTS. You appear to really want to help your fellow citizens and country in general. For that I laud you and sincerely THANK YOU for all the money you are spending in your effort. Of course your plan makes a lot of sense and is doable. I personally would not change a thing to it. What can I do to help other than writing this note?

Paul from Vacaville, CA

Grass Roots ENERGY is powerful and really necessary for this to succeed. Traditional signage and community networking will support all of your excellent program. I will pay for my own lawn sign, and I suggest a program of efficiently available lawn signs and bumper stickers to be AVAILABLE. A graphics arts printer like our awesome PRO Tara Bauman could probably serve? Others certainly could serve the cause I''m sure !!! :):):) Please RSVP how I might help this idea :):):)

Robert

I had no idea that your ad or your web sit existed. I thought I was a lone voice in the wilderness surrounded by laughing hyenas until a friend whom I had shared this 1% concept with ironically brought the one page ad to my attention. Thank you for what you are doing. Here is a letter that I''ve been sending out for the last two years: The “Deficit Problem” Isn’t Financial. It’s Political. The financial pirates who have plundered our wealth must be held accountable, which always seems nearly impossible, considering that they operate in secret, behind closed doors and essentially own all of our politicians. Which brings me to: 1% MORTGAGE NOW!  Can you imagine what a 1% mortgage rate could do for the people of this nation and the economy? Just think about it. People could afford their homes and groceries instead of shoveling their hard earned wages into the great maw of our banking monster. Sen. Bernie Sanders Has spoken about the 0% loans that several of the biggest banks have received from the FEDERAL RESERVE only to turn around and pay obscene bonuses to their CEOs while they refuse to loan anything to the people they''ve ruined. I simply ask "why can''t Main Street receive the same treatment". We must never forget that it is the people of this nation who make it succeed and who keep it running, not the banks. 1% MORTGAGE NOW!  Maybe we could do a "Wisconsin" or an "Egypt" or an "#OCCUPY WALL STREET" on these BANKSTERS and their political shills. I can only imagine how many people could relate and participate. Who doesn''t want a lower interest rate?? We''re not talking regime change or for a dictator to stand down, or a complete government change. No, we are simply asking for some slack from the glutenous financial system that has so completely sucked the wealth out of our country, and the world. 1% the first year, 2% the next and top out at 3% in the third year? You would see a complete economic recovery in three years!! Thanks for reading this. sincerely, Robert F. Barnett 

Richard from West Palm Beacn, FL

(1)In principle the concept is workable as long as appropriate steps are taken to keep the money supply from expanding too rapidly. Of course, the Federal Reserve can do that by means, probably in this case, of raising the reserve requirement as necessary. So that should be an explicit part of the proposal. (2) The proposal might have a better chance of actually being tried if you limited it to the purchase of existing mortgages which involve homeowners in default,potential default or with under water loans. That would enable you to encourage the Fed to proceed with the proposal on three grounds --- (1)stimulating economic growth, (2) righting the moral wrong perpetrated by the banks and syndicators who created the mortgages, and (3) compensating the homeowners who find themselves in difficulty because of the recession which the U.S. government (and Fed) are responsible for allowing to happen and failing to quickly end with appropriate fiscal policy. (3) This proposal bears some resemblance to the Home Owners Loan Corporation of the 1930s. You might point that out in order to increase the credibility of the proposal.

Scott from Lakeside, CA

When one tries to sell something (plan or otherwise) they typically highlight the positive aspects and downplay the negatives. What is the downside of implementing this plan?

Reply from Remortgage America:

We are not selling anything. We are simply offering a plan that could increase employment, save homes, increase profits and wages, eliminate annual deficits, and pay off the national debt without raising taxes. We have nothing to do with implementing it or running it. We believe something should be done to help America, and no one else seems to have any ideas. So we spent our time and money to get this idea out so people could see there is something positive that can be done. The fact that it will cost money to implement it is one of the most common complaints we hear. But if something is not done to get the economy on track, we could have a $30 trillion debt in 10 years. With nothing to show for it. Most important, whatever the initial cost, it will benefit virtually everyone. This is not government spending. It is a government loan plan that will earn a profit. It is an investment in America's future, not much different from a corporation investing in a new factory to generate profits they could not otherwise earn.

Ron from Escondido, CA

This is a great plan along the lines that I thought about how TARP should have been used. If TARP was given to every taxpayer we would have paid down our credit cards and mortgages, bought new cars etc.... This is the same type of thinking but apparently to simple for our elected officials to comprehend.

April from Santa Susana Knolls, CA

I have been watching all the comments here since 11/14/11 when the Plan was published in my newspaper. It worries me that as each day passes, the less the comments are. Has everyone lost interest already? I am dumbfounded as I posted this on my Facebook and have not received one comment. I also emailed all my friends and family, not one comment. Are we really all too tired to keep this going? I know I am not and I am not going to give up. I will continue to pass this along to everyone I can. Wake up America, no one is going to help us if we don''t help ourselves. Keep this going......

Anonymous

Would love to see something happen that might help the people who elect officials, but I think the only people who Washington is willing to listen to are organizations with deep pockets. After the super committee has proven the lack of concern over pressing issues that will impact us all, I think the only solution is a constitutional convention that is writes amendments that among other things require congress to do their job or not get paid/benefits.

Diane from San Rafael, CA

Obviously, our government of the people, by the people, for the people is seriously broken. Our politicians have put their own agenda/interests first. We need this plan - it is brilliant in its simplicity. This really will work!!

Chris from Reno, NV

Thank you for the wonderful ideas, which in my mind are realistic and make more sense than bailing out TBTF. We could have paid off all the mortgages in America with the money spent on the bailout, and the TBTF would have gotten their money and survived as well. Other Suggestions: 1) Visit the website "Conversations With Great Minds" and watch the interview with Dr. David Graeber - wonderful. 2) Read the blogs and watch the videos of Robert Reich - again wonderful. He makes sense, just as the ideas of the "Plan To Save Homes . . . " makes sense.

Patty from Oceanside, CA

The writers of this plan are brilliant & should be in charge of running our country. It''s time for some common sense strategy to heal the wounds of the past few years & quit waiting for our elected officials to get the job done. Obviously, they haven''t a clue how to fix this mess & should step aside & let someone who does take control. Our country & generations of people have worked too hard to see everything they''ve worked for go down the drain. It''s time to act & I wholeheartedly endorse this plan. No one else has stepped up to the plate with anything better, so, what do we have to lose? I say go for it!

Anonymous

When I go to remortage.com the same text as the add in the San Francisco chronicle comes up....when I click "read more" the same text comes up again...I find the limited info on "the plan" a concern... please ..more detials! I am not a fan of getting the gov''t involved in ANYTHING....But my house is 66% under and I''M READY to explore all forms of relief.

Tom from Sacramento, CA

Sounds great. I think 2% may sell better and should still work. Or 1% for two years as stated then 2% for the remaining 28 years

don

Amazing, you are actually saying exactly what I have saying for about 4 years. Can''t thank you enough for believing in me, ha. Don/Phx. Az.

terry

This idea is exactly what the country needs. Instead of the money being given to the large companies who already have control of the economy this would place a helping hand where it is really needed.

Paula from CA

If we had more $ in our pockets from this plan, maybe we could hire the landscaper to design our yard, hire the painter to paint the house, get the repairs done on the family car which is still good enough to keep (instead of buyinga new one from Japan, or Korea), hire a carpenter to remodel our house, maybe get new furniture, or replace the old carpet. Maybe there would even be enough money for an Amtrak vacation with a deluxe sleeper! Wouldn''t it be nice to put money in the pocket of others in our own country. Duh?

Curtis from Lafayette, CA

I studied development economics at U.C. Berkeley. Everything I studied would mesh perfectly with this plan. It''s simple enough so that even congress couldn''t screw it up, even though they''ll certainly try. I''ll do my part to get others on board. We need this plan DESPERATELY.

Lyle from Long Beach, CA

I am a struggleing homeowner. I personally would like to participate in the program. I need a relief.

Sherry from Luray, VA

I have wondered for quite some time why the banks have not already lowered the mortgage interest rates. Does it need to be government? We have bailed out the banks... why can''t they help America now?

Anonymous

I am against another "bail out" All the people that defaulted, had nothing to do with their interest rate. Unfortuantely, they couldn''t afford the American dream that President Bush thought everyone was "entitled to." To get rid of the inventory, they should give a bone to all homeowners who have paid their mortgage on time. Knowing that will never happen, a more realistic view is to offer us, 2nd homeowners, the opportunity to buy at these low rates. People who want to invest their money will scap up all this extra inventory. Try to get that from a bank. Once u say 2nd home, you don''t qualify for these rates. Hmmmm??? really??? It seems we don''t value what our parents taught us, you no longer get rewarded for good behavior, just bad. How many chances can this country afford to give?? On that note, I have 2 friends who unfortunately defaulted. Her house is in shortsale. The bank would not work with her on her $320K mortgage, but once she walked away, the first listing was $230K. The bank dragged their feet and lost the buyer. The second listing was $200K. Once again, the bank was too slow (like 3 months) and lost that buyer. So here we are with the house on the market for the third time, now listed for $180k. So you tell me, who is bringind down property values? And why work with a stranger instead of a five-year homeowner who fell on rough times???? AMERICA NEEDS HELP!!!!

Jerry from Miami Beach, FL

It is a very simple elegant plan. Contrary to the propaganda machine on the right, the strength of the US has historically been when the citizenry has been empowered. We remember the GI Bill after WWII but before that it was the various homestead laws that empower largely poor immigrants to settle the wide lands of the frontier. Unfortunately we are now seeing the results of having the very best government that money can buy.

Anonymous

I like the principals and spirit of the plan. Given other plans our lawmakers have presented the American people, I suggest this be given consideration.

Patrick from sacramento, CA

The problem is that it is so simple the the goverment is to stupid to make it happen. We the people does not exsist anymore. The career politicains only look out for themselves. They vote for the laws that benefit them. all the e-mails out there that are floating around to get rid of them and vote for somebody new I wish it were true and we would vote these idiots out. They refuse to work together to help the American people. i hope we can get this to pass because the banks are not doing a thing. Bof a has the nerve to put an ad in the Sacramento Bee stating that they have helped millions modify their mortgages when that is not true. All the banks are full of shit.

Leah from west palm beach, FL

We the people need this plan to put America back on its feet.Keep the people that are struggling to keep their homes in them and give them a much needed break and incentive not to just give up and go into foreclosure.Sounds like a light at the end of the tunnel if it could just be implemented.I will pass this on and hopefully every magazine ,newspaper and news station will start to get the word out on this great plan.

Jan from Zephyrhills, FL

This plan to save Homes, Create Jobs, and Eliminate the Rederal Debt and MINE at the same time. So when will this plan be a Real Plan that will actually be available to the American Citizens of this Great United States. I vote to IMPLIMENT NOW. What are we waiting on?????? If the very first stymulous money was used for a plan like this to actually help more than just a selected handful of "Foreign" corporations for a future venture that fell off a cliff and crashed. All of us would be in a better financial position and more able to send our kids to college, pay off the car quicker, and be able to buy that second pair of shoes and have milk for the kids cereal tomorrow morning. Will this plan actually, ever, even come close to actually coming true?

center harbor, NH

Have Occupy Wall Street take up your cause. It is really what they are struggling to come up with. I am not a supporter of their actions and meandering, but it seems to reall fit what they are frustrated about. It solves many of their concerns. It gets the banks out of the solution and stops their greed, helps homeowners in mortgage trouble, creates jobs, improves economy, is bipartisan, shuts out lobbyists, doesn''t increase debt, will improve economy. I think even the Tea Party would support it. Repubicans should like it because it doesn''t raise taxes, shrinks government role , and supports small business. Democrats would like it because it doesn''t immediately impact entitlement programs. By God, even the Unions should like it.

center harbor, NH

This is a great idea and can work as you project and will get us out of this current economic crisis. The problem is with Washington who would be left out in the cold with no ability to manipulate all aspects of the money movements and effects. Obama and the Barney Franks of Washington would truly strongly oppose such a reasonable, simple solution. This system would also bypass and shut down the washington lobbyist''s ability to steer the law making process so they can continue their greed based selections of what programs are selected and passed. I suggest you get Occupy Wallstreet protestors to get on board. It supports their underlying movement concept of getting banks out of their lives, creating jobs, a program to solve housing crisis, and redistributes wealth in an indirect way that truly helps people in the 99% group.

elizabeth from wofford heights, CA

This is the best plan so far by far. My family and I really hopes it flys.

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