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From: "Just a Middle Class Joe"

To: All Middle Class Joe's and Josephine's

The time is now for all good men and women to come to the aid of their county!

Make no mistake the current bail-out plan is only for the corrupt and greedy few. I have plan that is good for all America. A plan that punishes those that deserve to be punished and rewards those that deserves to be rewarded. The plan provides a long lasting honest solution that will strengthen our economy for years to come.

The plan is simple and fair to all: It is called the "sanctity of the primary-home plan".

1. Hold Senator Barney and Fannie-Mea & Freddie-Mac accountable by forcing them to fix the housing mortgage problem. Under the plan the entire 700 billion dollars will only be made available to all responsible tax-filing Americans for refinancing of only their primary-residence.

2. A federal approved primary home loan qualification table must be developed. The graduated finance table amount and interest rate will be based on tax-return verified income and debt and the county assessed tax value of the home. The following examples are base on qualification stating at $100,000.00 and 3% interest and incrementing .25% for every additional $50,000.00 up-to $1,000,000.00
a. Example 1. A single person or young couple that only qualifies to purchase a $100,000.00 home will qualify for a government backed loan through Fannie and Freddie for fixed 3% for 30 year.
b. Example 2. A single person or young couple that only qualifies to purchase a $150,000.00 will qualify for a government backed loan through Fannie and Freddie for fixed 3.25% for 30 year
c. Example 3. A single person or young couple that only qualifies to purchase a $200,000.00 will qualify for a government backed loan through Fannie and Freddie for fixed 3.50% for 30 year

Other advantages of this plan:
1. Eliminates commercial predatory lending for primary-residence.
2. Rewards honesty in filing taxes
3. Reinforces earning and saving for a home
4. Does not interfere with free enterprise. Banks will still be able to compete for second, home loans, boats, cars, credit cards, and commercial loans. 5. Forces Local Governments to align Property Taxes with Actual Value of homes and bring honesty into the home appraisal process.

— Joe Average American

Merry Christmas and have a Safe and Prosperous New Year!

— TBK

Excellent posts, I'll be checking out the page often.

— kurtstack

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