December 21, 2024

Treasury Officials Announce Mortgage Holiday

News Release: Sometime in 2010.

The United States Treasury Secretary is expected to release details today of the Government’s plan to suspend for one year all payments due on mortgages secured by single family residences.  The Government announced that it was taking this action due to unprecedented conditions in the economy and record numbers of mortgage delinquencies.   With close to half of all mortgages in arrears, a jobless rate approaching 20% and retail sales collapsing by double digits for the third consecutive year, the latest government move to boost the economy was applauded by analysts as the best direct method of putting funds in the pocket of cash starved consumers.

Government officials noted that since most of the mortgages affected had already been purchased or guaranteed by the US Government, there would be no direct cost to the taxpayer.  Analysts noted that this latest move was necessary after a long series of loan modifications for many borrowers had failed due to the continued decline in housing prices and incomes.  Brushing aside suggestions that this program was unfair to those who had no mortgage debt, Treasury officials stated that the program was initiated to help those most in need and that those without mortgages might be eligible for funds under the latest rebate stimulus plan.

In response to questions as to whether or not the Mortgage Holiday Plan might be extended beyond one year, Treasury officials stated that the Government would do everything in its power to assure that affordable housing was available to every citizen and that every measure would be taken to prevent homeowners from losing their homes due to unaffordable payments.

The Treasury Secretary noted that while many sovereign nations had become insolvent due to the ongoing financial crisis, the United States remains “fiscally strong”.

So there you go; congratulations to the Federal Reserve and our fiscally imprudent leaders who have brought this nation to the brink of economic collapse.

    Comments

    1. Darryl Stones says

      Mortgage Holiday: It sounds like a win, win holiday. Let’s just say that mortgages were suspended for a year. Then added to the end of the natural mortgage. Renter’s feel that this wouldn’t help them in any way. Solution: grant the 12 month holiday, money will spill back into the economy, jobs will be created, debts will be paid and the money will still be collected with no one the loser.
      For the renter’s: they should be the only one’s to receive any type of stimulous check. In fact, give the portion of the home buyers to the renter’s to help them get more out of debt and probably put them in a better position to buy a home at the end of the 12 month period. WIN, WIN, WIN!!!

    2. Judith Clarke says

      Do you know if the government will approve the one year mortgage holiday for us. Is this at all possible?

    3. Suspending mortgages for one year is truly the answer to helping stimulate the economy in a major way. There is a group that has been leading this movement for over the past nine months and you can find out more about them at http://www.saveoureconomy.com. All the details of the plan are there to enable a mortgage holiday to work. Also, there has been polling done across the country that has concluded the mortgage holiday to have overwhelming support. This plan is so comprehensive and detailed it is a true winner. I urge you to vist the saveoureconomy.com website and discover for yourself the benefits of this nine point stimulus plan.

    4. This is a fantastic way to quickly put an important shot of life back into the economy! I read the full plan at saveoureconomy.com and I was impressed by the level of detail that backs up this common sense stimulus plan. It is the only plan being proposed that directly helps main-street not wall-streets. It truly is the ultimate trickle up plan!

    5. Bill Zielinski says

      This would definitely boost the economy since it would put cash in everyone’s pocket and allow for debt repayment, catching up on bills, etc. The only problem is that this plan is too simple for the government to ever implement. Every plan to stimulate the economy never seems to reach the actual consumer and the government thinks it can spend our money more wisely than we can!

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