RE: Plan would help more refinance (LATimes Oct.25) and Saving neighborhoods OPED by Elyse Cherry (Oct. 26)
Keeping homeowners in their homes must be the number one issue in California and Nevada. Only job losses and under-employment come close. LetÂs get focused. There are 13,000,000 housing units in California. Millions are in distress; it is time to stop nibbling at the edges.
We need action now, but elected officials are rightly petrified of publicly funded solutions. The nagging question: Why should those who did not risk pay for it? Answer: we should not. That is why any political solution must not use public funds.
The Home Owner Mortgage Exchange (HOME) is one way to keep the vast majority of working California homeowners in their homes.
HOME would:
*Exchange the underwater mortgage for a new one at current value.
*Remaining value is exchanged for a non-interest bearing second mortgage.
*Eligibility: all homeowners who get their property taxes current.
*No fees, costs or closing expenses |
