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Tuesday, July 08, 2008

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elna R. Beck

How about this for a financial crisis solution?....as well as the housing construction problem.

Every mortgage of say 5 years and older will have the interest rate reduced to 2% above the bank rate of 0.025% or 2.025%. The payee has the option also to extend the duration of the loan to 40 years.

All existing appraisals stand, since the banks loaned to that appraisal and then sold the loans to the rest of the world. The banks will get their principle back. It will just take longer and they already have received their free lunch at the expense of the US taxpayer. Meanwhile mortgage payers will have their payments drop providing funds for the economy.

if your loan payments were cut in approximately half, you might find that you would have an increase in funds available for other investments.....education, health, green environmental, energy and others.

As a business owner, it would be encouraging to see a positive boost to innovative companies as well as those that are toooooo large to fail.....and the American tax payer would be sum-watt "releafed" from the so called Bail out.

Those homeowners that were sold into an over-their-head mortgage are not....nor will they be the only ones that should receive consideration. There are a lot of significant Americans that can help solve this problem, but they are being held hostage.


Thanks for your interview with terry gross

erbs@leitchco.com

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