Issue Position: An Act of Forbearance

Issue Position

AN ACT OF FORBEARANCE

"In 2005, there were less than 50,000 foreclosures in the entire country. In 2008, that figure had shot up to 1,000,000, and in 2016, the crisis is somewhat diminished, but not over.

The Foreclosure Crisis is the greatest preventable threat to everyday stability in the nation. Please help me promote a plan to TAKE AMERICA OUT OF FORECLOSURE -- a permanent ban on primary residence foreclosures (only primary residences).

Its not a Free Pass, but a plan to create mechanisms, including forbearance, revolving credit options (tacking to the back end of the loan in extenuating economic circumstances), and credit insurance.

It's wrong to throw people out of their homes when they are already victims of economic rape, medical bankruptcy, job loss and misfortune.

Congress needs to legislate an immediate halt to the foreclosure of any PRIMARY RESIDENCE, and develop mechanisms for the future that insure homeowners (with or without mortgages) can weather the storms of the economy with some minimum measure of (social) security.

The shortest distance between two points is a straight line. Find a geometric solution that involves as little bureaucracy as possible to house people. In my congressional campaign platform proposals, I will be announcing the details of a multi-faceted plan to guarantee $40,000 primary fully revolving home mortgages (at 2%) to any individual adult ($80,000 per couple, plus $15,000 - $20,000 per dependent) as a non-violable right of every American. Lenders will be forbidden from foreclosure on any primary home (not on secondary, investment, or vacation properties).

​It is IMPORTANT TO NOTE, that lenders will not be forbidden from negotiating in good faith with borrowers to resolve financially difficult situations. These loans will be backed by the full faith and credit of the United States.

That's pretty much what the deal was, in the 50s and 60s, only the principals were smaller -- a ranch house in Florida was $5,000, if that. 2% mortgages were common.

We've been giving BIG BANK and WALL ST money at 0% for years. Minimum 2% from now on. Time to remember who's lending money to who."

-- Mike

Source