Morning Maddow: The US Foreclosure Crisis Is A Massive Crime Scene

Have the Feds finally woken up, or is President Obama’s new initiative ordering the Justice Department to finally investigate possible criminal wrong doing by lenders in the “man-made disaster” that is the US foreclosure crisis merely an election-year PR ploy? Rachel puts the man charged with digging into the mortgage industry’s dirty dealings, NY State Attorney General Eric Schneiderman, on the hotseat.

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One Response to “Morning Maddow: The US Foreclosure Crisis Is A Massive Crime Scene”

  1. Scott V. Brown says:

    A Solution to the Foreclosure Crisis
    A Workforce Housing Program which has been around for more than 30 years and actively utilized in the ski resorts and many major cities could simply be applied to resolve the foreclosure crisis.
    The plan would be to offer an opportunity to all homeowners to participate in launching a National Workforce Housing Program by placing a “Deed Restriction” on their home (must live in the home, own no other home and work for a living) with a 3% yearly cap rate for sale purposes. The home would be reappraised at the new value (30% to 50% less than a similar free-market home). The mortgage would be rewritten and payments adjusted to the new appraised value.
    It would not be a “give-away” or a “bail-out” since the participants would buy-in to the program by forfeiting the “free-market” appreciation value of their home and by also participating in launching a National Workforce Housing Program, which is much needed.
    The home would remain affordable to workforce people and families forever due to the restricted appreciation and sale price (3% compounded yearly).
    It would not encourage homeowners who own a home they can afford to jump in on a “give-away” or “bail-out” they don’t need, but would reward them by solving the foreclosure problem in their neighborhoods and cities and allowing their home to start appreciating again and allow the economy to repair it self.
    The Plan could also be offered to bank owned and developer owned homes, which would also help the housing industry by doing away with the over-supply of homes for sale in our country.
    Homeowners not participating (voluntarily) would continue to own their home in the free-market system.
    It would also create and opportunity for renters and 1st time homebuyers to purchase a home at an affordable price which is also much needed and deserved.
    This is a once in a life-time opportunity to create a national workforce housing program at a fraction of the cost of a piece-meal price while solving the foreclosure crisis.
    It is a solution to the foreclosure crisis and one that we already understand, and know how to run and implement.
    Families would be able to keep their homes and homes would once again become a home like in the not so long ago times of our grandparents who burned the mortgage as soon as they could and never borrowed against their home again.
    The “Delta” between the new mortgage balance and old mortgage balance would be paid for by the United States Government with tax credits that are both valuable and sale-able to third parties.

    I have 40 years of building and developing this program. It is now in thousands of cities and many countries around the world. It simply works.
    Scott Brown

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