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We propose that the Bush administration and Congress allow all residential mortgages on primary residences to be refinanced into 30-year fixed-rate mortgages at 5.25% (matching the lowest mortgage rate in the past 30 years), and place those mortgages with Fannie Mae and Freddie Mac. Investors and speculators should not be allowed to qualify.
The direct cost of this plan would be modest for the 85% of mortgages where the homeowner owes less on the house than it is worth. Lower interest rates will mean higher overall house prices. The government now controls nearly 90% of the mortgage market and can (and should) act on this realization. Remove the refinancing option and you can have lower rates without substantial cost to the taxpayer. Homeowners would have to give up the right to refinance their mortgage if rates fall, although homeowners could pay off their mortgage by selling their home. For borrowers with lower credit scores, the mortgage rate would be greater than 5.25%, but it would be less than their current rate.
Now, what about mortgages on homes that are worth less than the total amount of the loan? These mortgages could be refinanced into a 30-year fixed-rate loan to be held by a new agency modeled on the 1930s-era Homeowners Loan Corporation. New mortgages would be made of up 95% of the current value of a home.
The government might use two approaches to mitigate its losses. It could offer owners and servicers the opportunity to split the losses on refinancing a mortgage with the new agency. Servicers would have to agree to accept these refinancings on all or none of their mortgages, to avoid cherry-picking. Or the government should take an equity position in return for the mortgage write-down so that the taxpayers profit when the housing market turns around.
Our calculations based on deeds and Census data suggest that the total amount of negative equity for all owner-occupied houses is $593 billion. However, capping an individual's write-down to $75,000 would reduce the government's total liability to $338 billion and cover 68% of individuals with negative equity. Even this loss will be reduced as the proposal spelled out here raises housing values and economic activity, and contemplates loss sharing with lenders, hopefully matching the experience of the old Homeowners Loan Corporation.
While the net cost is modest compared with many plans on the table, it would require that the government could assume trillions of dollars of additional mortgages on its balance sheet. But we have already crossed this bridge with the explicit "conservatorship" of Fannie Mae and Freddie Mac. In any event, these mortgages would be backed by houses and the verified ability to repay the debt by millions of Americans. In addition, by putting a floor under house prices, this proposal would raise the value to taxpayers of trillions of existing home mortgage assets already owned or guaranteed by the FDIC, the Fed, the Treasury, Fannie Mae and Freddie Mac, among others.
Improvements in household and financial institution balance sheets will increase investment and consumer spending, which will mitigate the extent of the current downturn. Americans, on average, spend about 5% of the equity of their homes on consumer goods and services. So if home prices increased 10% above where they would have been without government intervention, we estimate consumers will have an additional $100 billion annually to spend.

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Noted community activist Jeoflin Roh speaks from the grave, the only place where Randy Shaw can't retaliate. Jeoflin asked me to publish this and others, when it was a good time to do so. He actually had the only other access and password to this blog, but never made a public post because he felt his life was complicated enough at the time. (he didn't want the extra hassle he felt he would be getting if he made public posts like the one below. So I told him I would save these and post them whenever the time is right) And now the time has come. Now you will see how full of shit Randy Shaw and Paul Hogarth are.

update, Livinintheloin reports this same CJC is now on the November ballot

there are no spelling or grammar corrections or editing of any kind. It's Jeoflin, word for word

Jeoflin Roh-
It disturbs me that the Community Town Hall Forum at Koret Auditorium
(Tuesday 15 January) presenting an extraordinary coalition
cooperation of City departments with the effort to build a Community
Justice Center that, of all the community folk who spoke there were
two, just two who didn't get it. Instead of adding to the dialog they
stood at the microphone and lectured the City leaders on the dais, and
everyone in the audience, about how this effort would "criminalize"
homelessness.

It particularly disturbs me because these two were representing the
Central City SRO Collaborative. I am one of the three people who
fought like hell to establish the CCSROC, and I remember, the night
before we were actually funded, sitting in the office of Anne
Kronenberg, who is a high mucky-muck in DPH, which was to lord over
the funding, when she warned me that putting the org in the hands of
Randy Shaw of Tenderloin Housing Clinic notoriety was possibly a big
mistake. Because he'd turn it into a political arm of his growing
empire of "handling" homeless housing issues, to the tune of
millions per year out of the General Fund, just to foster his agenda.
And he did.

Keeping homeless homeless is Randy's business … it maintains the
status quo, which maintains the millions coming into his coffers. And
through his charms he indoctrinates these young folk, just out of
college and with no experience of which they pretend to speak, into
fostering his agenda.

If any one of 'em had actually researched what CJC is trying to do
they'd know that it's about DECRIMINALIZING homelessness, and
providing options while keeping offenses off record.

It disturbs me that what was originally meant to be voice of the poor
and too often disenfranchised Tenderloin SoMa SRO residents has
reduced to rebutting the very City efforts that would serve the
population they pretend to represent. It both disturbs and disgusts
me.

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To Todd Epp,
Your blog post yesterday about SDAPV Ag Development, LLC was technically accurate-I did have an association with the company for a period of time and there is a tax lien filed, but any implication that the two things are related is wrong.
My time with SDAPV ended in August of 2004 and the tax lien deals with the company’s 2005 tax return.
Please feel free to contact me directly any time if you have questions about me or the campaign.

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