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As of December 22, 2008

If you owe the bank 200K the bank owns you.  If you owe the bank 200 million then you own the bank.  Lets own some banks :-)

Check this: According to these reports there are five-million, six and a half million or as many as Eight Million homes or well over a trillion dollars worth of problems out there.
Which may be a factor in this

Government takes over/Socializes Mortgage Business

And now we have the failure of Lehman Brothers, and the sale of Merill Lynch to BOA

But you can bet your last dollar (which you may be forced to do) that the government is not going to bail you out, and no bank will buy you out. In fact, according to a recent story, “The total amount of bonuses and perks given to 600 executives last year (and these were banks already going into the toilet) would have covered the bailout costs for 53 of the banks that got YOUR TAX dollars. Lets see if we can fix the problem ourselves and do away with the middlemen who appear to be interested only in enriching themselves at our expense.

What is happening now is the largest transfer ever of capital from the middle class to the wealthy in history, and it is subsidized by the government.

House is worth 250K, mortgage is 300K.  Person (Smith family) can not make mortgage payments at 10%, so bank forecloses, and family looses any equity.  House continues to sink in value, lowering the value of adjacent homes.  Bank sells home at 50cents or less on the dollar to somebody with capital --- Sovereign wealth funds --- Russia, China, Arab fascist states --- and the banks  get maybe 125K or less.  This continues until bank goes bankrupt and is bailed out / taken over by the federal government using tax dollars from Smith family who is now living in high priced rental property or a motel 6. And for some reason the homeowner gets no benefits and is evicted.

Would it not be better to reduce the original mortgage by $50,000 to $75,000 and lower interest rates to the current rates? For some reason the banks bankers with seven and eight figure salaries do not think so.

If you are wondering just how much the Smith family is on the hook for. Well According to the above New York times article referring to the recent bail out of Fannie Mae and Fredie Mac: “Mr. Paulson refused to say how much capital the government might have to provide, or what the cost to taxpayers might ultimately be.”

There are no doubt many certified experts out there who will tell you that neither I nor you had any knowledge of these things and that we lack experience. The proper response to them should be. What have you been smoking? Have you been asleep for the last year? It is the experts with experience who have brought us and this country to our current situation. It is not likely that a plumber, carpenter, salesman or other ordinary person like you could possibly have done worse. An incompetent foolish person lacking common sense with 20 years experience is still an incompetent foolish person lacking common sense.

Our point project will try to get 10,000 (out of  almost 5 million currently behind ---- that is 2 tenths of one percent)  people to sign on to stop making mortgage payments, and when that starts, it will, hopefully, snowball.  But 10K people puting up 2000 each (one to three months mortgage payments) is 20 million dollars.

Obviously, before this money is put into a fund, the appropriate corporate and legal framework will have to be put into place, and it will have to be done in such a way that people are assured of not losing their hard earned money. I expect that some of those in the first 10,000 will have the necessary skills to do this. If not than a small part of this money could go to hiring a reputable long established entity to act as an escrow agent. Perhaps large churches or charitable organizations. It should be understood that a small percentage, no more than 10%, will be used for necessary fees, accounting, and legal work.

If you think that you can contribute to the formation of the necessary legal and corporate entities, please contact me. I want protections in place that are much stronger than what exists for most people today. I also want complete transparency. And anybody should be able to leave the system at any time with at least 95% of their money unless and until they have renegotiated with the bank on their terms.

Once the appropriate entity is established, it will be able to do two things. One will be to negotiate with the banks to get better terms. The terms you get will be better for you, and better for the bank when considering the banks other option --- losing 30% or more of the value of the mortgage by going into foreclosure. Remember that 10,000 people represents about two billion in assets. That is the kind of money that gets noticed. The second thing that the entity will do will be to generate publicity so that, from ten thousand, we can grow to a million or more. Remember that a million people is less than a quarter of those who are even not in some state of financial distress.

For those interested in another, possible more profitable way to go, the following is open for consideration. Remember that the first way is the above described non-profit co-op to negotiate with the banks.

A second way may be to have a 6 month forbearance to be sanctioned by the government on all mortgage payments for individuals (NOT corporations) holding 6 residential units or fewer and whose mortgage is less than 500,000 each. For units larger than that, the amount of forbearance would be (mortgage payment amount)*(2-mortgage value/500K) So on a 600K mortgage you you would get a 80% forbearance (2-6/5 = .8)

35 million homes with mortgages, 1500 per month is 50 billion per month for 6 months is 300 billion. Less than the TARP that was given to wall street bankers so they could keep their jets, multiple homes and 100 million dollar incomes. This money goes right into the pockets of homeowners. And the banks loose only interest not principle.

Ten million dollars is what is needed to start my other project, a new way of doing real estate. You will be among the initial share holders.  I expect that among you will be some talented people who can do the legal / financial stuff to properly structure this company.  REnew Freedom inc.
If this succeeds, then you will have your mortgage re-structured so that you will be able to keep your house. As a worst case scenario, you may have to go to a house that is, in some ways, lesser. Another option is to invest. If you choose this way, then you will then your return on investment will be 50 to 500 or more to one. So there are two ways of getting involved in this project. You can be involved as someone who wishes to keep from losing their home to foreclosure, or you can be involved as an investor or both.

When this point project starts, I want to send out press releases.  I want to expand this page to explain in detail how the project will work.  I want help in doing this. To be involved at this level, you need to get a nda, so go here: new way and get the NDA. Payments that are withheld go into escrow accounts until corporation is set up.  

Did I miss something here, or are you going to be the initial participants launching the first capitalist middle class revolution for freedom in history?  Wow, we may even save the banking system, and the sorry asses in the federal government that brought us to this impasse.

Scary huh??

feel free to forward this to any and all who you think might be interested. Remember, that if you know ten people, probably one of them is already behind in their mortgage payments and in fear of losing their home to foreclosure.

Email me at reboot@ix.netcom.com