Posted on 09/26/2008 6:00:43 PM PDT by teancumspirit
Open Letter to Congress, By James Chase Okay folks here is how you do a bailout and win. Take the 700 Bilion you wish to give Wall Street and loan it to me. I will form a Trust Company in which I will head as CEO. My pay will be no more than $250,000.00 per year. The trust Company will purchase Defaulted Morgages from Wall Street Banks that wish to have them off the books at no more than 23% of value. The Trust will then rewrite the morgages to those who whish to stay in their homes, at no more than 5% anualy or we will write a new morgage for intrest only for 4 years, or untill said borrower is able to aquire a 30 year fixed loan. We will offer fixed loan rate at 5% to any quallified buyer. this statement means that anyone who can pay rent will be able to borrow. However the home must be in the budget of no more than 36% yearly income. Appraisal of home must be done by an Independant appraiser, and be double checked by an appraiser of our choice We will only purchase bad morgage debt, No Credit Cards, Student Loans ect. We will have a board of 11 people. The goverment can pic 5, ( however we will not accept anyone from congress, the senate, or any Wall Street firm that seeks to sell Bad Debt)! We will make Quarterly payments to the United States Treasury after the 1st 365 days, ( not to exceed 25% of gross revenue) and will continue to do so untill all moneys supplyed by the United States Taxpayer is returned. This is not a position we take lightly. We will put our lives on hold to serve America. This will not be a job for those who whish to build a lifestyle. Board Members will refrain from speculating in the Bond Market, Wall Street, and Politics! The Trust will supply each and every board member with staff, transportation, office space and everything required to persue operations to the succesfull completion of stated goals. We welcome oversite by The Head of GSA, Federal accountants ect. We will not have connection to anyone who is a lobbyist and require a federal law to this effect. Should Congress wish to try to controll The Trust for political gain, we reserve the right to go public with this cogresspersons name.
Give us a proper link and post it properly formated. We can’t do ALL of your prep-work for you!
Despite the format deficiencies I like it.
Sorry about the format
“new morgage”
“goverment can pic 5,”
“morgages to those who whish to stay”
etc.
Spell check and editing. This guy wants the $?
But wait - you can't offer solutions for this issue . . . you're just a civilian and don't have the requisite wisdom that comes from years public office in D.C.
Can’t spell, however is this a sound idea or not?
The idea is fundamentally sound, though incomplete. I’d still like to see a suspension of the Capital Gains tax, and the prosecution of the “executives” and Congressmen and Senators behind this scandal. If it took “perp walks” to restore public confidence after Enron, how much more so in THIS case!?
JDW
I know, at least it is a good start
Capital Gains Tax should not be in the bailout bill.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.