UPDATE : On Friday's show Dr. Dennis F. Paulaha, Ph.D., is scheduled to be a guest to discuss the status of the bailout effort, his original plan to Remortgage America, and Senate Republican leader McConnell's latest proposal, the 'Fix Housing First Act.' Tune-in.
UPDATE II: The idea is catching on. Listen or read NPR, Housing Fix? Republicans Push For 4 Percent LoansSenate Republican leader Mitch McConnell, is proposing cheap, government-backed mortgages to stimulate the economy. "Under the 'Fix Housing First Act' -- an amendment spearheaded by both McConnell and Republican Sen. Lamar Alexander of Tennessee -- new and refinanced mortgages would be available to homeowners for 4 to 4.5 percent. "
So contact your Congressman or Senator, and tell him/her to support the Fix Housing First Act, as revised by McConnell and Alexander to provide new and refinanced mortgages for 4%. (The original Fix Housing First Act does not include this revision.)
Do it now, before Congress wastes more of your tax dollars on the Wall Street Ponzi scheme.
Just do it, NOW.
Say, didn't we discuss that idea - six weeks ago! That's right, I blogged about it on December 12, 2008, and called Mike (who substituted for me that Friday) to discuss the idea on air. I think I called again the next Monday. I had Dennis F. Paulaha, Ph.D., who was a spokesperson for the idea to remortgage America as a guest for the better part of the program the following Friday, December 19, 2008.
The Remortgage America proposal was a little different, the original plan was for the government to offer every U.S. citizen a 30-year mortgage at a 1½% fixed rate of interest. But the idea was the same, lower mortgage payments.
The reason it was and is a great idea: the plan is simple and fair, nearly everyone who owns or want to buy a house benefits. (Some people are beyond help.)
But Paulaha's best argument: "It is better than what Washington politicians are doing now." Couldn't argue with that and still can't.
Can anybody explain why this plan is worse than the current effort that is pissing money down that rathole called Wall Street.
"Companies that have gotten bailouts continue to make a mockery of taxpayers.
As ABC reported, Bank of America took its $45 billion in bailout funds and sponsored a five-day carnival outside the Super Bowl stadium, and Morgan Stanley took its $10 billion in bailout money and held a three-day conference at the Breakers in Palm Beach. (Morgan Stanley had also still planned to send top employees to Monte Carlo and the Bahamas, events just canceled.)
The New York Post revealed that Sandy Weill, former chief executive of Citigroup, took a company jet to fly his family for a Christmas holiday to a $12,000-a-night luxury resort in San José del Cabo, Mexico. No matter that the company just got a $50 billion federal bailout and laid off 53,000 worldwide.The interior of the 18-seat jet, as described by The Post, is posh, with a full bar, fine-wine selection, $13,000 carpets, Baccarat crystal glasses, Cristofle sterling silver flatware and — my personal favorite — pillows made from Hermès scarves."
I agree with Paula: for "the first time in the entire 'recovery' debate, American politicians are talking about lowering mortgage rates and fixing the economy by putting people first."
Contact your Congressman or Senator, and tell him/her to support the Fix Housing First Act, as revised by McConnell and Alexander to provide new and refinanced mortgages for 4 to 4.5%. (The original Fix Housing First Act does not include this revision.)
P.S. Somebody should pay me for this, I prefer gold until further notice.