Through the entire period of trouble in the housing market, the only parties receiving no relief are the homeowner and taxpayer. Mortgage lenders and their wealthy investors have all been the beneficiaries of US taxpayer bailouts.
This partition would rectify that. It requests that all primary residence fixed rate mortgages over 3.5% automatically be reduced to 3.5%. The borrower will not be required to fill out any forms, submit to any approval process, pay any fee or be denied access by the mortgagee. The change would be applied automatically to all mortgages on the date designated in the corresponding Bill.
It would:
1. Stabilize the economy
2. Stabilize housing prices and reduce foreclosures
3. Provide financial relief for homeowners and taxpayers
4. Generate tax revenue