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Use The Stimulus Package To Help Mainstreet America
Petition Background (Preamble):
1) We formally request the American government be responsible to the American taxpayers by allowing this stimulus money be used where it is needed most-the middle class citizens.
2) We formally request the government take action to stop bailing out banks/financial institutions with public funds. These banks have caused the entire global economy to collapse at the cost of the general public.
3) We request the American government to start a public banking system which will benefit ALL Americans and free us from the financial enslavement of private banks.
Allow the federal government to start a unique banking system that permits American citizens to consolidate all of their credit card, student loans & mortgage debt into one loan with ZERO interest. Instead, charge a flat rate fee based on the amount of the loan each month. These fees will provide the funding for the program itself.
The goal is to cut what Americans are currently paying each month for these debts in half, and enable them to pay more towards principal-not interest. Your “making home affordable” plan is good but will only benefit a handful, and it’s just not realistic for most people right now.
The amount people owe on their mortgages/debts for many exceeds the 105% current market value margin now offered in this existing plan. If the taxpayers have to pay for these existing & future toxic assets anyways, it would be in everyone’s best interest for the government to either expand the FHA's duties or start a new department that will allow homeowners to consolidate all of their debt to an affordable and realistic payment. This would be an investment for both State & federal government and a way to generate income without taxation on the loan.
Offer new loans and allow people to refinance their existing loans to a longer duration as well. The idea of retirement for most is pretty much out the window. Most middle class people will have to continue working until they’re dead so creating a 40-50 year loan isn’t entirely unrealistic.
Extend their existing home loans to a longer duration to help lower their monthly payments. But make no mistake, the government would still act as the lender and if the homeowner should fall more than 3 months behind on payments then foreclosure may be inevitable. However, in the instance of foreclosure, the government could acquire new assets, convert these existing homes into energy efficient homes, installing solar, geothermal energy upgrades and either sell these homes to recover the balance of the loan & cost of upgrades, or they could rent them out & generate a steadier stream of income to gradually get back the money invested. (We believe the key to keeping long term renters is affordability: if the tenant has little or no heating & power bills, they’ll be more likely to stay & better able to pay rent).
Obviously the idea is to help homeowners get out of debt faster & be able to keep their home, but if a homeowner enters this program and loses all of their income later on there is little that can be done for them, however, if their income has simply decreased because of events beyond their control directly resulting from the downfall of our econmy, then provide a modification that would allow for them to pay back the loan based on their income. (an idea similar to the existing low-income housing program provided by the FHA).
The government is scrambling to think of new ways to generate money, but we are spending unbelievable amounts to help corporations & banking systems that aren’t helping us in return. We should be self-sustaining. Socialism is not the goal. Our government should have the right to engage in the private sector to generate income & most importantly to help it’s own citizens. The banking institutions aren’t about to change for our benefit, they are making too much money and we are dwindling into poverty because of it.
If the government allows Americans to use their own money to help themselves, then we as a whole will take the profits, not the banks. Your budget for healthcare, renewable energy & education is going to create a huge deficit, no new news there, but it’s for the benefit of our future-that’s why you’re doing it, right? We believe the housing market is just as important for our future. The government is already buying up toxic loans, why not utilize these assets & expand this into something positive? Don’t wait for these homeowners to have to file for bankruptcy or foreclosure. This is costing huge tax losses for both State & federal government.
If Americans can get out from under the grip of private banking interest rates, fees & the fear of losing their livelihood to them then they have a chance to get ahead. Most people don’t have the thousands of dollars now required up front to pay for loan fees, points, closing costs, etc…to get the loan so it’s important to keep this in mind. By extending the duration of the loan (but not penalizing them should they be able to pay it off early), not having to pay interest, and only paying a flat rate finance fee each month, it would be a good answer we think to helping people keep their homes, get out of debt, & keep much needed tax income coming in (for property taxes). This will also provide a longterm means to pay back the trillions in deficit we now owe, which we, our children and their children will be burdened with.
There are a lot of empty homes in America right now and it’s in everyone’s best interest to keep them occupied.
The Use The Stimulus Package To Help Mainstreet America petition to United States Congress & President of the United States was written by Klarisa Bennett and is in the category Government at GoPetition. Contact author here. Petition tags: use the stimulus package to help mainstreet america