November 10, 2008
Hello all. I have an idea to stimulate the economy that could pull the United States out of its current economic slump, without costing the taxpayers a penny for another bail out program. But, in order for it to work we, the people, will have to let our government know that this is what we want done. I have sent a copy of the letter below to President Bush, Vice President Cheney, and the Governor and Senators of every state in the nation over the last 24 hours. Please read it and if you like the idea, contact your governor, senators and representatives for your state and let them know! To get them to act, they MUST be contacted on this issue IMMEDIATELY! You can find the contact information for your state here http://www.lib.umich.edu/govdocs/govemail.html and here http://www.congress.org/congressorg/dbq/officials/?lvl=L. We MUST act NOW if we are going to get the economy back on track! Our economy can’t take much more of this abuse before it collapses completely and more people lose their homes, jobs, businesses and everything else they’ve worked so hard for. If you agree with my ideas, please don’t hesitate…let our government know what you think NOW!!! Is the current state of the economy worth five minutes out of your day spent contacting your elected officials to let them know your not happy with the current solutions? And what actions you want to see them take? If so, don’t hesitate! Take action now!
If you have any questions or comments, I can be reached at aaron.teneyck@insightbb.com.
Thank you for your time,
Aaron TenEyck
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Dear Sir or Madam:
My name is Aaron TenEyck and I have almost 20 years in business and real estate investments. I have an idea I’d like to propose for consideration to eliminate the current economic crisis.
There are four key parts to my idea. Defer current loan payments for a limited time, lower interest rates on existing real estate loans, offer lower interest rates on new real estate loans, and prevent current oil and energy prices from climbing. I believe all four parts will have to be implemented simultaneously in order for it to work effectively.
First, defer payments on all existing real estate loans for three months with an opt-out plan for anyone that does not wish to participate. This will allow people that are behind on payments desperately needed time to get caught up on late payments.
Second, cut interest rates on all existing real estate loans (residential and commercial) to a fixed 3% APR over the duration of the loan. By doing so, everyone’s payments would drop, giving them money to bring outstanding balances current and making it easier to make future payments. It would also give people extra money to put back into the economy.
Rising sales would boost the economy enabling businesses to hire new workers, creating more jobs to lower the current unemployment rate. It will also put businesses on a better footing to get new loans for expansion, creating even more jobs. Lower interest rates will also benefit businesses, freeing up money to reinvest into their businesses, which will also boost the economy.
Reducing the interest rate will help ensure banks recoup the money they’ve lent out on mortgages, ending (or at least reducing) the backlog of foreclosures financial institutions are currently experiencing. Financial institutions will be spending less on the foreclosure process and will no longer be losing money by having to sell repossessed properties at a loss because more people will be able to stay in their homes. Also, if more people are able to stay in their homes, financial institutions will be reducing the number of short sales that lose them money.
Third, offer all new real estate loans (residential and commercial) made over the next year at a 2% APR fixed rate 30-year loan. So lenders continue to make a profit lending money, allow them to charge an additional origination fee of 5-10% of the loan amount, with that fee added into the loan. Limit the 2% APR and special origination fee to one year only…the limited time offer will be incentive for people to buy homes and real estate NOW, helping to stabilize the current, shaky real estate market at better than current values.
Fourth, the only way everything I’ve put forth so far will work is if oil and energy prices remain low! Prices must remain low, even if it means rescinding the bill that was passed deregulating these commodities and allowing them to become futures trading commodities on the open market. An alternative to re-regulating could be as easy as negotiating small concessions to insure prices won’t be raised any time in the near future, or if they are raised, it will only be by a very, very small amount over the long term. (i.e. 10-15 cents over a year maximum over the next ten years.)
The effects of this proposal would be real, immediate, and long lasting. Any financial institution who is not willing to participate in this plan but received any part of the recent government bail out program from tax payer funding, should be put in a position where they have to do so or any and ALL bail out funds they received would be called due and payable immediately. Financial institution will be taking responsibility for their own actions and bad business practices that precipitated this crisis.
I believe this plan could help the current economy recover quickly, and the best part? It won’t cost the taxpayers A PENNY!!!
Thank you for your time and consideration. If you have any questions or comments, please feel free to contact me at (xxx) xxx-xxxx. I am ready, willing, and able to help in any way I can.
Regards,
Aaron TenEyck
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