This petition will try to help those who need help the most. The middle class has lost most of the equity in their homes and are struggling to make ends meet. We supported the banks through TARP now it's time the banks pay it back.
My proposal is to force the banks in to a moratorium of 5-7 yrs where they refinance every homeowner at a interest rate of 2%. On a 300k loan @ this would put about $500 a month back iin our pockets. That's Immediate savings(stimulus) and helps us deal with our loss of equity. Then after that time the rate is locked at 4% for the life of the loan. The banks sold products knowing the risks involved but turned a blind eye to it. If you or I were to sell junk under the premise of AAA we would be in retaining an attorney. Please support my petition.
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