No Bailout

[Chris Santee]

No Bailout

Step 1.
Instruct all mortgage lenders to stop all foreclosure procedures immediately, thus protecting our families.

Step 2.
Instruct lenders to refinance past due morgages from 30 years to 80 years, at 7% interest, thus protecting our banks.

Unaffordable $2,000 a month payments become affordable $800 payments.
Revenues begin flowing into the banks $800 at a time.
Banks will be collecting interest for years to come, giving them security and more capital for more lending.

Cost to taxpayers: $ 0
New Taxes needed: $ 0

Downside: You will be paying more for your home.
Keyword in that sentence: your

I will be commenting more on this soon.

[slpott]

Chris:
First off, I think that is the first suggestion I have heard from any of the polititions and it sounds like a good suggestion. I know that if I was in trouble with my mortgage, I would rather pay a little more in the long run than be out in the streets with my credit ruined and unable to find housing. Let's face it. There will always be people who can not afford what others can but that is no reason they should not be able to have a home. Thanks for the suggestion and thank you for loving Fairfax the way you do. I happen to like it too and wish there were more people like you. You certainly make a difference and it is appreciated. Shelly

[Mike Raburn]

Remember, "Country Wide Is On Your Side",,, oh wait...never mind.

Once again, those of us that made the correct choices are punished by paying for those who made wrong choices. Individuals and corporations.

[Chris Santee]

Amen, Mike, and from what we hear, it sounds like $700B.
Corporations, individuals and government.
Congress (1990's) urged lenders to give money away so everyone could enjoy the American Dream of owning a house.
The lenders were provided cheap money from the Fed, which they shared some of and kept some of.
Some borrowers were less than qualified to repay.
Buyers came charging up the hill and found rapidly increasing home prices.
They didn't care, they could own a home (2003).
Those who already owned homes, enjoyed 20, 40, 60% jumps in their "value".
Hats off to the wise business minded folks who sold then.
When those "less than qualified" combined with those who had lost their jobs,
lenders adjusted rates to maintain profits and that put more folks in the trouble zone.
Home prices began falling, troubled borrowers couldn't re-fi.
Oil prices "fueled" the fire.
Tick-tick-tick.

Had 80 year mortgages been created along with the free money, well.........

[DrewCrash]

Chris,

I appreciate your opinion and allowing voters of Franklin-1 to understand your position on the current national crisis. My only concern is that as our future state representative, this is not an issue that will be resolved in Montpelier. Addressing such an issue is on par with spending a day in Montpelier to discuss a non-binding resolution on a free Tibet.

I fully support support your candidacy for office and I look forward to hearing your ideas on how the state can improve home ownership for Vermonters; by controlling spending, lower property taxes, improvements to the Vermont Finance Housing Authority and by establishing new tax laws that will help promote and attract new businesses to the state of Vermont.

Andrew

[Chris Santee]

Thanks for your comments, Drew.

As a candidate for State Representative, you're absolutely right that this is not an issue I could address in Montpelier and I had to chuckle when you caught me with that non-binding Tibet resolution I had mentioned in my candidacy announcement.

From here on, this candidate will address the issues of a Vermont State Representative.

Enjoy the foliage !

[Mike Raburn]

Actually Chris Drew is correct.
This topic should have been posted in the World News / Current Events forum.

This is a GLOBAL topic.

At least you all know where your state candidates stand and they make statements on their stands.

BUT, you never know how your LOCAL and STATE politicians will affect the Presidential election. (hint hint hint, I am Alaskan)

I told my out of state friends that I will be surprised if she is still on the ticket at election day.

Anyway... waiting to see if anything starts there in that forum.

[Mike Raburn]

Oh and PS....

My statement, "BUT, you never know how your LOCAL and STATE politicians will affect the Presidential election"
Howard Dean?

[Mike Raburn]

One more....

Our Sen. Ted Stevens.......on HIS witness list is Sen. Patrick Leahy.

[Mike Raburn]

I am probably going to find myself banned from Henry's site now!!!!!!!!!!

Paint the bridge!!!!!!!!!!!!!!!!!!

[slpott]

Chris:
I would just like to say that i heard your point and I apply that to every aspect of Fairfax, not the world or the big govt. After all, we are Fairfax and we can make a difference in Fairfax if we are willing. If we wait for the big govt. to come, we might have waited too long.  There are many a family right here that could use our help. There are enough people in this town that care that we should be able to come together and make a difference. All we need is someone like you to help organize it. Thank you again for all your service and I hope I did not get off the point too much. The point is FAIRFAX. Right S