The Win-Win Solution

9/14/11

Win-Win Solution: How Fixing the Housing Crisis Will Create ONE MILLION JOBSWhat if there was a solution to the housing crisis that could also help create one million jobs?

Together, with The New Bottom Line, we are releasing a proposal that does just that.

According to the report, The Win-Win Solution: How Fixing The Housing Crisis Will Create 1 Million Jobs, if banks lowered the principal balance on all underwater mortgages to their current market value, over $70 billion per year would be pumped back into our economy, millions of families would be able to stay in their homes, and over 1 million jobs would be created. 

Like what you hear?  Sign the petition below to make it a reality!

Major Findings:

By writing down all underwater mortgages to market value, the nation’s banks could:

  1. Pump $71 billion into the economy every year;
    - In New York state the annual stimulus would equal $1.25 billion
    - In Ohio, $1.64 billion
    - In Florida, a staggering $12 billion
  2. Create more than one million jobs annually;
    - In Massachusetts this would create over 35,000 jobs
    - In Illinois nearly 43,000 jobs
    - In California, over 300,000 jobs
  3. Save families an average $543 per month on their mortgage payments;
  4. Help investors come out ahead compared with the negative financial impact of foreclosures
  5. Fix the foreclosure crisis once and for all.

We need to show the 50-state Attorneys General that are negotiating with the big banks that they should be held accountable for their mortgage fraud abuses, and that any settlement should include massive principal right downs for struggling homeowners and the economy.

If you think big banks need to pay their fair share and write down a homeowner’s principal in order to pump billions of dollars back into our economy—Sign the petition below and tell your Attorney General that principal reduction for under-water mortgages is a win-win solution for homeowners and investors.

AG Petition

Dear Attorneys General,

We need a New Bottom Line that puts the interests of people ahead of huge corporate profits. Any foreclosure settlement with banks must include principal interest reduction on all underwater mortgages to current market value.

By writing down all underwater mortgages to market value, the nation’s banks could:

  • Fix the housing crisis once and for all.
  • Create 1 million jobs every year - This includes over 300,000 jobs in California, the state hit hardest by the financial crisis.
  • Pump over $70 billion per year back into communities across the country for the next 30 years -This includes $12 billion dollars per year in Florida, the second of the two states hit hardest by the foreclosure crisis.
  • Save the average family over $500 per month on mortgage payment.

Sincerely,

     
Attachments: 
application/pdf iconThe Win-Win Solution: How Fixing The Housing Crisis Will Create 1 Million Jobs
   

 

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