Lock Mortgage Rates to the Federal Funds Rate! sign now

In light of the recent financial crisis in the United States, immediate and effective actions need to be taken to help the average tax payer and homeowner. Below are a few actions that if enacted would help keep money in your pocket rather than giving it to the financial institutions that have placed us in this predicament in the first place.

1. For a period of 3 years, lock the mortgage rates to the Federal Funds rate rather than to bonds. As of 9/23/08 the federal funds rate is 2\%. With a 2\% mark up on that rate, the mortgage rate would be locked at 4\% and would only be raised or lowered if the federal funds rate is raised or lowered. The federal funds rate is the percentage rate that the government sets for banks to borrow money to and from each other. There's no reason why you, the average tax payer should have to pay 6, 7, o 8\%.

2. Once the Mortgage rate is fixed to the Federal Funds rate, the government should cap closing cost charges for the same period of time. Since practically every homeowner or new home buyer would be going to through the financing or refinancing process, the brokers and banks will be flooded with business. The last thing we need is for them to rip us again.

3. Enact policies to give veterans the ability to purchase foreclosed or distressed homes while getting a 15\% tax break from the government on that purchase. They've earned it!

4. Allow currently federally subsidized renters under programs such as Section 8 to be used to purchase foreclosed or distressed properties versus simply having that federal money go towards rentals.

These are just a few simple, but direct and effective actions that the government can take to give relief to the average tax payer by drastically reducing their monthly mortgage payments; allowing new home buyers to be able to purchase properties with low rates and therefore low payments; and by reducing the number of homes on the market to stop and reverse the dramatic decrease in falling home prices across the country.

I have contacted my Senators and Congressmen, and I hope you will do the same. Sign this petition and lets take action on helping ourselves and each other.

Sign The Petition

Sign with Facebook
OR

If you already have an account please sign in, otherwise register an account for free then sign the petition filling the fields below.
Email and the password will be your account data, you will be able to sign other petitions after logging in.

Privacy in the search engines? You can use a nickname:

Attention, the email address you supply must be valid in order to validate the signature, otherwise it will be deleted.

I confirm registration and I agree to Usage and Limitations of Services

I confirm that I have read the Privacy Policy

I agree to the Personal Data Processing

Shoutbox

Who signed this petition saw these petitions too:

Sign The Petition

Sign with Facebook
OR

If you already have an account please sign in

Comment

I confirm registration and I agree to Usage and Limitations of Services

I confirm that I have read the Privacy Policy

I agree to the Personal Data Processing

Goal
0 / 50

Latest Signatures

No one has signed this petition yet

Information

Joann MckinneyBy:
Culture and SocietyIn:
Petition target:
US Congress & White House

Tags

No tags

Share

Invite friends from your address book

Embed Codes

direct link

link for html

link for forum without title

link for forum with title

Widgets