Below is an economic stabilization plan which has been kicked around Washington but has been ignored because there is nothing in it for the beautiful and powerful people. I named the plan the Yes We Can plan because of the recognition factor from its use during the presidential campaign. The plan has been reviewed in a bipartisan format between NY, Atlanta, Omaha and Washington; the comments from Atlanta "Your narrative is concise, easy to understand, and truly makes a lot of sense. I don't know how I can help you but if you'd like I can pass it on to people who are more involved in this situation, including several members of Congress. At least this is an answer, while most people are just giving us the problem. So far, this is the first answer I've seen. Let me know what I can do": from NY "I cannot conceive of the Government issuing triple tax exempt 20 year bonds. The treasury is selling taxable bonds at a lower rate of interest with no difficulty, why would it sell tax-free bonds at a higher rate of interest? If for some reason it did come to market with a triple tax free bond at a rate higher than it is offering treasuries it shouldn't have any problem in selling as many as it wished"; from Omaha "I'm following the policy with President Obama of "speaking only when spoken to." I hope I get a call from time to time – and I think I probably will – and if so will pass along the idea you sent if it then seems appropriate to do so" and from Washington "There has been no new development on your plan. It's been more of an uphill battle since the administration came out with their plan and members of Congress coalesce around President Obama".
The "YES WE CAN" Plan
What is the YES WE CAN Plan?
The YES WE CAN Plan is a plan for buying up foreclosed properties and properties about to be foreclosed on.
How the YES WE CAN Plan is set up?
The government creates a REITC (Real Estate Investment Trust Corp.) type quasi governmental corporation similar to the original Freddie Mac and Fannie Mae corps.
- The REITC will purchase any type of real estate property, be it residential or commercial.
- The REITC becomes the largest property owner in the United States.
- The REITC's purchase of these properties forestalls people in single family dwellings, multi family dwellings and small business's from being displaced by foreclosures.
- The REITC would purchase these properties for between 10% and 50% of the outstanding loan balance.
How does the YES WE CAN PLAN function?
The REITC under the proper circumstances and conditions in coordination with Freddie Mac or Fannie Mae will act like a bank and issue new 30 year fixed rate mortgages.
· If qualification for a new fixed rate mortgage does not exist the REITC rents out the property.
· The rental can be a straight rental
· The rental can be a rent to own.
· Guide lines and terms for these rental agreements would be predetermined, as to rental term, monthly payments and buyouts if appropriate.
The purchase of the foreclosed properties will be funded through a unique type of savings bond, The Yes We Can Savings Bond ("YWC
BOND"); the YWC BOND is a reincarnate of the United States War Bond .