Can any tell me where to find laws pertaining to this?
If we can find this information, we can draft a petition and send it to our lawmakers and every bank, giving them a legal framework to pull the home owners and the banks out of the slump/depression/panic or whatever you want to call it.
The investment banks would also come out but secondarily not primarily. and only if the the homeowners and banks pull themselves out The governments local to federal would also hold up before the investment banks
Here is my background story.
In the 90's, flat broke, he decided to buy an LA apartment building with NO money. The building in Hollywood, was in debt $9 million . It was in foreclosure . The building's financial picture was upside down. The second mortgage on it was a hideous balloon payment. The depression of the 90s had deflated the real estate market and that building was not worth $9 million. There was no way the rents on that building would cover the first mortgage much less the ballon payment.
My husband put together a proposal for the boutique bank holding the mortgage. He proposed to buy the building for pennies on the dollar. The plan provided that he contract with the bank to work with them to buy a basket of bonds to pay off that original mortgage. This would allow the bank to clear the loan for the full face value of $9 million bringing the mortgage of that building to under $1 million.
The bank almost took the plan but someone came in with hard money at the last minute. Shortly afterward my husband became ill. Over time I lost the paper work.
Does anyone know if this still can work? What law can we sight to make a case that this is a workable plan? Can we wrack out brains to find a way out?
The FED is getting ready to cut rates AGAIN, Possibly a full percentage point. That cut is not going to help you or me. But together we can help each other. We MUST help each other, because I don't hear anyone in a powerful position planning to help us plebes.
siriuss
UPDATE I believe this plan was propsed by John Nance Garner in 1932. Herbert Hoover's admin?
ARE YOU SITTINGOWN? I have information that this plan and the legislation accompanying it was just used to prop up BEAR STREARNS.
Yep you heard that right!
The orignal plan was written to help the people the bank only secondarily. People bought the bonds themselves rather than the bank buying the bonds. They used it to help a rotten investment bank. Just shows what they think we are worth
UPDATE 2 I talked to Senator Obama's Campaign people. I got the usual "yeah yeah John Namce grish..zzzzzz." from the bored overworked volunteer.
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