Well, I am not surprised to agree with Amy Traub that an extension of unemployment insurance benefits is important. Because it would put cash in the hands of those who would spened it right away, UIB and increased food stamps would provide the quickest stimulus to the economy according to Paul Krugman and Joseph Stiglitz -- both writing in the NT Times. The Senate Bill is also reported to provide a tax-rebate to rich, poor and middle class alike.

If you want to affect the contents of the up-for-grabs Senate Bill, consider writing or calling your Senators so as to express your views. Automated letter-writing is being organized by the AFL-CIO and the National Council of Jewish Women. You can, or course, write your own.

Thanks Dan!

I wonder if a tax cut at the bottom might be a good way of helping the poor while attracting bipartisan support. For example, to spend $150 billion over three years, Congress could exempt the first $3,000 of income from payroll taxes. This will go 50% toward giving the working poor more money, and 50% toward providing relief to labor-intensive business.

More controversially, Congress could eliminate the FICA cap and instead exempt the first $10,000 of income from FICA; this would be roughly revenue-neutral, but nonetheless stimulate the economy by transferring money from savers to spenders and encouraging labor-intensive industries.

“The wealth of this country lies in the homes of its people” Abraham Lincoln
The National Housing Crisis
The Middle Class is Quickly being Pulled Into Poverty Level!
This is by far the WORST THAN 1989 AND EVEN 1981 WHEN THE INTEREST RATES WERE 19% FIXED.

The Government creates the Boom and the Government creates the Bust. The 1.3 million Realtors across the Country are in a strong position to help…Property values continue to decline… reason”….THE INCOMPETENT MANNER AND POLICIES THAT LENDERS HAVE IN PLACE TO ATTEMPT TO DISPOSE OF THESE PROPERTIES. What is happening on Main Street across this Country is “a crying shame”—-

In our office, we’ve lost 3 buyers because the Lenders hold up the sale of short sale and foreclosure properties. One buyer has credit scores over 800. Ask any Realtor…the story is the same. I have been attempting to do a short sale for almost 6 months. The people owe $306,000. On august 26, 2007, I listed the property for $248,900. “Subject to the sellers’ Lender approving the short sale and forgiveness of debt”. After two months and no offers, we reduced the price to $227,900. Three offers came within the next month…The last offer; a cash sale…could no longer wait.
• After 3 BPO’s, 2 of them were done from out of state and 5 months later, Countrywide came back with a counter offer of $307,500. They asked for the same documents that I sent them in September 4th.
• The 3rd BPO came in at $225,000.00 and still they came back with $268,500.

The “7 step” solution is simple-- “A Presidential Initiative”

1. A Coalition of Government, Lenders, HUD, 1.3 million Realtors, MLS systems, Appraisers
 A Fair and Uniform Standard to process Short Sales and Bank Owned properties (FUS) thereby quickly selling these properties, preventing the continuing” free-fall of prices.”
• Prevents the existing incompetent and lengthy process—no buyer will not wait 5 months for a decision.
• This is especially important while the home is still occupied

2. HUD—Laws should be reviewed and changed to allow a better market place for consumers.
a. Allowing for seller 2nd mortgages, negotiated between parties a 6%- 8% without fear of fraud. Yet private investors could charge a 1st at 8.99% and the 2nd at 11.99% not long ago, with stated income.
b. Investment Banking and Hedge Funds regulations must always be under careful watch….this is where the real fraud against all of us exists—at the highest levels.
c. A 12 month “interim loan” for properties that are in disrepair—made available for owner occupied and non owner occupied. MASS housing programs and 203K have so many fees and restrictions that it discourages so many buyers. CASH BUYERS brings the price lower.

3. Realtors—A vital instrument -- 1.3 million Realtors in this Country who are in a strong position to help—we have buyers; they will not wait 6 months.

4. MLS systems—BO (bank owned) SS (short sale) on the listing to quickly identify them

5. Lenders
a. Lenders to have satellite offices in each state—expediting processing the huge volume of Short Sales and Foreclosures ( 2 in each state—sub-letting at existing bank location)
b. Lenders to have two departments
i. Home Retention—Preventative foreclosure
• Six months of relief for homeowners who, due to circumstances, cannot make payments, cannot sell, and cannot refinance--yet they have equity in their home from past sales….if we do not do this….everyone is going to be on welfare… This gives homeowners six months to get their house sold—a window of opportunity to keep people from losing their equity that they have built in past sales.
The payments to be added to the principal/with no loan modification/no extra fees……homeowner provides list of income and monthly expenses
ii. Short sale/ Foreclosure
• Upon listing property, Realtor contacts Lenders immediately and a complete list of required documents be sent to Realtor—and returned to Lender within 10 days. A negotiator is assigned to work with Realtor.
i. Realtor must have direct access to Negotiator w/phone, fax, e-mail instead of automated phone systems making communication impossible.
ii. Two complete BPO’s immediately ordered by Lender to be done by local Realtor or appraiser.
a. Now you have a qualified buyer—Market value has now been determined—Negotiator must have the authority to sign Purchase and Sales agreement..
b. 7 day DECISION turn-around for short sale and foreclosure decisions from when a qualified offer is presented—BY NOW ALL THE WORK HAS BEEN DONE. 30-45 days total time.
6. Mortgage Originators—A little preventative medicine—they should be properly trained in taking complete applications, complete knowledge of their mortgage products and have an overview of mortgage processing, underwriting and closing process…

7. Too often, LENDERS—New construction LOANS--PROCEED WITH CAUTION when lending on new housing projects—determine salability and current inventory as well.

In closing, let me quote one our greatest Presidents…Abraham Lincoln said “The wealth of a nation lies in the homes of its people.” Then, the reverse is also true….”then the weakness of a nation lies in the lack of homes for its people. We have lots of homes, and we have created such an enormous nightmare “when so many are losing their homes”. Yet, the CEO of Countrywide earned $57 million year..

Government must fulfill the needs of the people in a way that it does not make us dependent on government, but independent and secure.

What if the polls were open…and no one showed up to vote? What if the malls opened and no one goes shopping…for a day, for a week? What if April 15th came and no one filed their returns unless they were getting a refund? What if there was a silent revolution in this country…of the people for the people and by the people? Would things change then….

We ask for immediate relief from “our government “ to help this distressed economy…reduced interest rates, tax cuts, $500.00, without a Fair and Uniform Standard of Procedure does nothing to handle short sales and bank owned property does nothing to resolve the real issues. We see for sale signs, for rent signs and abandoned homes on almost every corner. It is easy for government to print more money as they need it…but what do we do?

Thank you….this is everyone’s battle…..
A petition to our leaders--We are the voice of 1.3 million Realtors

Rose Spoltore 16 E. Washington St. North Attleboro, MA. 508-643-1144 BB904758
Concetta I Golant 16 Washington St. North Attleboro, MA. 508-643-1144 BB902376
Stacey Susi 16 East Washington St. North Attleboro, MA. 508-643-1144 BB902995

The ultimate in liberal oxymorons:

"Government must fulfill the needs of the people in a way that it does not make us dependent on government, but independent and secure."

or if I may paraphrase...

"Give me a fish, but don't expect me to get it myself much less figure out how. Oh, and when are you bringing the fish tomorrow?"

I was under the impression that our government was formed to ensure everyone equal opportunity to PURSUE happiness, not have it handed to them by the government (who ultimately steal it from someone else by fraud or threat of force).

PURSUIT of something requires effort on the part of the pursuer. That's nowhere near the same as having the government "fulfill a need".

The longer the populace expects the government to 'do something' the worse the problems of society will become. Government action results in risk being transferred from one party to a different party without mutual consent.

Therefore:

1) Banks make extra-risky gambles on huge positions and earn lots of money when they are right, but once things go wrong, the government steps in to bail them out instead of letting them go bankrupt as they deserve.

2) Poor people get 'aid' and eventually decide that it's just easier to continue collecting it than to go earn a living, despite their lower standard of living and the fact that they are using the threat of government force to get workers/savers to pay their way via taxes or backing of ever-growing piles of government debt.

3) Manufacturers get government protection in the form of tarriffs and licensing requirements that limit the ability of others to compete with an established business. This leads to higher prices as potential competitors are kept out of the market, or their goods are taxed when entering the country.

Government action is the PROBLEM, not the answer.