Get Money Flowing Again

We are seeing some of the worst economic times that most of us have seen in our lifetime. We must insist that Congress act now to get money flowing again in our financial system, which is nearly frozen. This is not just about Wall Street it is more about Main Street USA. We will soon be seeing evident signs of this catastrophe. Mortgages and short term loans will be very difficult to obtain even with good credit; lines of credit on credit cards will be reduced and interest rates will rise; consumer spending will thus decline even further, depressing the economy; unemployment will rise. We must act quickly to stabilize our financial market and our housing market.

Assist Homeowners

This bill is designed to help homeowners by requiring agencies to work with lenders and service providers to help avoid foreclosures. Servicers are to execute loan modifications that will consider the net present value of the mortgage. Multifamily would receive the same type refinancing or foreclosure consideration so that tenants will not lose their residence when the landlord has a problem.

$700 Billion Relief Package

This new bill is designed to get money flowing into the financial system quickly by creating a Troubled Asset Relief Program (TARP) to purchase  troubled assets from financial institutions. The $700 Billion is not to be released all at one time. The first release would be $250 Billion; second release of $100 Billion must be approved by the President; Final $350 Billion must be approved by Congress.

Congress will watch over the money with a tight rein. TARP will provide monthly activity reports to Congress.

Please contact your members of Congress and ask them to act quickly.