Mortgage fix!!! (interest rate, refinance, bank, modification)
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Heres the plan:1)Create a RTC type clearing house 2)Homeowners who want to stay in their house apply for help,they MUST have:United States Tax return from year they applied for current mortgage, and their mortgage application.Lying on a mortgage application IS a federal crime,so that should pare things down. 3)Modifications can include,extending terms to 50 years (a common practice overseas) and capping rates on ARMs to 5% for a PERIOD of time,say 10 years or so,by then you've either refinanced or sold anyway. 4)One modification per tax return,"Investors" need not apply! 5)Show proof of hardship,unemployment application,Medical bills in excess of 20% of AGI,notice from bank raising interest rates to something above 8% Thought it up in the shower this morning BEFORE coffee,so feel free to expand on it or poke holes in it! I'm sure this system can gamed
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