Government Homeowner Rescue Program Pays $500-$1,000-Mo Cash to Homeowners Toward Mortgage Payments
The subprime mortgage crisis takes more than homeowners.
Not many know this, but the mortgage companies and banks around the world have been in the past because of their exposure to toxic subprime our mess.
ABN-Amro Mortgage Group, a mortgage lender to close its operations in Germany this year, mortgage, home loans as well as High Street, in the United Kingdom. Chase Bank also close its Canadian mortgage business. SpiteAll this global carnage of the Bush administration reluctant to "bail out" homeowners defaulting a rescue of the United States in a hurry, but Wall Street favorite. Too big to fail is essentially their justification.
While there is something that many of our pension plans as well give in and drank the kool aid subprime, that a collapse of a major Wall Street hedge funds, investment banks, etc., would have a negative impact on Main Street. However, this makes it even more irresistible contagionimperative that the real problem to address and resolve as quickly as possible.
This is, of course, that Joe and Mary Sixpack can not their mortgage payments. This is where you apply the medicine when the patient is healthy. Many of the owners defaulted mortgage brokers are wrong, surveyors and banks have closed his one eye to the fraud that was perpetrated by their cohorts have fallen victim.
Many of these home owners and havedefaulting even before their loans reset because the original, fraudulent loan was unaffordable, even at the low, teaser rate. Now, how did that happen? Combine these facts with the impending resetting of millions of adjustable rate mortgages by 30-50% this year and you have millions of homeowners who will lose their homes.
These defaults will surely trigger the biggest financial calamity in the history of the world! The only way to stop it is to help Joe and Mary make their mortgage payments. No homeowner bailouts, says Bush, whose administration is responsible for the mess. In their haste to avoid a recession in 2001, they have put us squarely in the path of a depression in 2008!
OK, well, private enterprise to the rescue! Tthe Metropolitan Business Council of New York, a personal financial consulting firm has put together a unique combination of government support for entrepreneurship with tax programs and come up with a way for selected homeowners, who are literally prepared to work to save themselves will be able to obtain cash from the IRS to help them pay their mortgages.
These are not loans, they never have to be paid back.
This aid is potentially available to any homeowner who has a job and is prepared to work a part time home based business, as opposed to a second job at the mall, for instance. The government's tax subsidies provided to the homeowner/entrepreneur will generally be enough to free up cash each month to be applied to help pay their mortgage payment.
The program has been tested on a small scale in the New York area with good results. Participating homeowner/entrepreneurs have received from $500-$1,000 per month from the IRS to use toward mortgage payments and other bills that had caused them to skip their mortgage payments.
Although too early to claim victory, it looks like there will finally be a "government mortgage relief program" which is not a homeowner bailout, anathema to the Bush administration, but that has the potential to stem the tide of financial disaster sweeping the world.
Keep your fingers crossed!
