President Dialogue Announces Mortgage Forgiveness Plan
USA Today January 23, 2009
'America First' party President Frank Dialogue today announced an 'across-the-board' mortgage forgiveness plan for 'primary housing' for all American homeowners/mortgage holders.
Speaking from the White House, President Dialogue announced that all Americans who hold mortgages for their 'primary dwellings' would be entitled to a 'mortgage forgiveness rebate' up to a maximum of $300000. President Dialogue, who stunned the nation on Innauguration Day by announcing that the US was under martial law, and further shocked Wall Street and the financial market by nationalizing mega-banks JPMorgan/Chase, CitiBank, Goldman-Sachs and others, and also declared his intention to shut down the FED and transfer it's money-issuing powers directly to the US Treasury, detailed his mortgage plan to the press and the public in a brief statement which he personally issued today from the Oval Office.
'It is my belief that a primary desire and right of every American citizen, who so wishes, is to own his own dwelling place at a reasonable price. In the last ten years, we have had an explosion of home purchases and construction, but this has been accompanied by a corrsponding series of 'loanshark-type' mortgages issued by numerous banks and home finance companies. The result of this was the so-called 'housing bubble', and the consequent assumption of unreasonable amounts of debt by those who purchased homes. During this process, we witnessed extreme cases of price-inflation in regard to construction, usurious practices on the part of lenders, and, also, a dramatic increase in home prices that had no basis in the reality of the true value of the property. In addition we have had widespread fraud in the mortgage industry on the part of banks and other lenders, with money gained, and then leveraged from these mortgages, funnelled into unregulated funds, and also numerous cases of money simply dissapearing. Witness the case of Fannie Mae/Freddie Mac, a quasi 'public-private partnership' that 'sells' mortgages, and has basically kept two sets of books, and now has an estimated debt in the trillions of dollars. To begin the process of returning some of this value to the American people, from the hands of speculators, I am, as of today, issuing an Executive Order, under powers assumed by me deriving from the Warner Act, that will order all banks, mortgage companies and other financial institutions to issue a mortgage rebate credit, up to a maximum of $300000, to all homeowners/mortgage holders in the United States of America. This credit will apply only to primary dwellings, that is, the house that the borrower actually uses as his amin residence, either for his/herself and with the family. Vacation houses, rental properties and commercial dwellings will not be included in this 'forgiveness' package. I, along with my economic advisors, including HUD Secretary Catherine Alston Fitzsimmons, will be reviewing possible similiar packages for small and medium sized businesses. We understand that America needs a resurgence of small businesses and start-ups, and we also understand the financial and tax burdens that many of these same business people face. But, one step at a time.
The program will work like this: if you have a mortgage, you will be eligible for forgiveness of your debt for a value up to $300000. Say, you have a mortgage that still has 50 payments totalling $100000 due, at whatever interest rate. Your mortgage will be forgiven, in full. If you have a mortgage for $750000, then your mortgage will be forgiven to the tune of $300000. From these two examples, you can see that my emphasis is on the working middle-class, possibly working in what remains of our blue-collar industry, or in some service sector, who have been economically crushed by increasing inflation, stagnant pay scales, and usurious interest rates. Not to mention taxes. These are the people who are the heart of America, and, during my administration, I am going to go out of my way to address this segment of America, because their revitalization economically, psychologically and spiritually is the key to our rebuilding America.
We have teams from the Justice Dept., the Treasury and other related agencies establishing a presence and working with various lenders around the nation, and their presence should be quite well established within a period of 30 days. When I speak of lenders, there are hundreds of mortgage lenders around the nation: the big ones like Washington Mutual, Wells Fargo and such are alresdy becoming aquainted with our teams. Our team members will assit these various lenders in compiling the various papework and files for our program. Our 'Forgiveness Team' members will work with personnel at these companies, banks and S & L's to help smooth and expedite the rebate process. Let me say here that the S & L's will be an area of concer, as some of these small institutions have had significant exposure to the 'bubble' and have, in may case been the victims of usurious pracices by the big 'money-center' banks. I am a proponent of the idea of 'micro-banking', the 'smaller is good and sometimes better' approach to credit. S & L's are, in a sense, our equivalent of 'micro-banks' and we will be paying particular attention to them in our fiancial 'common-sensing' plan, as they are closely tied to the communities they serve, and will be an important building block in the reformation of our 'America First' economy.
To the American mortgage holder, I say this: Get your paperwork together; almost all of you will be eligible under the 'forgiveness' plan, so get your files in order, and in a week or so, we will announce when the various lending institutins will start the process of wiping these mortgages of the books. Ex-president Bush gave you a $600 'stimulus check'. I am giving you the home you have worked so hard to pay for, no strings attached. Well, there is one string. I am going to need all of you to help turn America around, to make America into a country that creates and works again. But, for the great majority, you will not have the heavy yoke of a mortgage to bear. You will have a home that is YOURS. And, with this burden removed, we can move America forward into the 21st Century, instead of back to the mideival serfdom of landlord/tenant, estate owner/serf.
That finishes my message for today. Thank you, and God Bless America.
From the mini-novel 'The America-First President' by Frank Dialogue............Copyright 2008.........may be reprinted for Educational purposes only.......Commercial use prohibited.