Dear Mr. President - V

President Obama:

I would like to offer you a solution to the housing problems and foreclosures. My plan would help homeowners, the banks, and the entire economy.

We would need to create a national lending bank. You could simply call it the BOO (Bank of Obama). Then we would have to create some simple lending rules. They would be similar to most loans but with a few more rules. The only way to get a BOO loan would to be a current lender recommending it instead of a foreclosure. The homeowners would have to agree to have their loan transferred to BOO. BOO would have a fixed interest rate of around 6-7% and terms of up to 40 years or being paid before the homeowner turns 65. The biggest stipulation with a loan from BOO is that if you do not make your payments, wages could be garnished but if you loose your job you do not have to make payments but interest would still be charged for up to 1 year with a minimum of 1 year waiting before you would get relief benefit again, If employment is not found in 1 year, assets could be seized just as the IRS does. A BOO loan cannot be included in a bankruptcy.

Think of the benefits that this would provide... an almost guaranteed return of 6-7%. Once someone gets a BOO loan, BOO would be guaranteed money from their income. This would also allow people to stay in their homes longer and in brief unemployment that ability to continue to pay other debts.