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People of Faith CT
Progressive Politics & Activism!
Moratorium on Foreclosures
Moratorium On Foreclosures
Reverend Dr. Boise Kimber, President of the Connecticut State Missionary Baptist Convention, urges Governor Rell to initiate a 6 month moratorium on home foreclosures:
“On March 4th of this year, President Obama launched the ‘Making Home Affordable’ initiative, which gives mortgage lenders and homeowners the tools to modify mortgages that are either now in distress, or soon will be,” said Reverend Kimber.
The Making Home Affordable initiative offers monetary incentives to lenders for modifying both distressed home mortgages and mortgages that soon will be as well as monetary incentives to homeowners who, after their loan is modified, pay their mortgage on time. Over 2,000
foreclosure notices were initiated in Connecticut in February.
“There are so many people that are hurting these days. They’re either losing their homes, or are terrified that their homes soon may be in jeopardy,” Reverend Kimber continued, “and I am asking the Governor to initiate a 6 month moratorium to give both homeowners and lenders some time to work out loan modifications.”
“And I urge the Governor to act quickly. Someone in Connecticut lost their home today, and someone is going to lose their home tomorrow,” Reverend Kimber stated.
Reverend Kimber is also Pastor of First Calvary Baptist Church in New Haven, Connecticut.
The Connecticut State Missionary Baptist Convention is an organization representing 80 Baptist churches in Connecticut.
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Moratorium on Mortgage Debt
I strongly believe that this is the one thing that will rescue the credit crisis. It will restore conficence and faith and will increase spending ability for average people which in turn will help save many small businesses.
The major contributor to the credit crisis was the RBA (reserve bank of Australia) increasing interest rates at a time when oil prices and commodity prices had risen substantially and drained the financial reserves of average households. It pushed people over the limit, with many desperately using other means such as easy to get credit cards to survive, which in turn compounded the problem with higher and higher interest rate debt.
I believe the best solution is for the governments to support lenders to capitalise the mortgage debt (add the outstanding arrears onto the end of the loan)
This would be the most cost affective way of tackling the crisis as the money would be repaid when the crisis is over and the values come back into the proeprty.
People could sell their property at a higher value and repay the debt in full.
I believe the moritorium should be for investors as well as home owners, because renters are as badly affected as home owners.
The goodwill and confidence such a move would bring would be pricesless and as an added bonus it would free up so much money and time on a weekly basis that average people could start spending again and this would flow on to many small businesses who would also be saved in the process.
Come on goverments, give it a try, it would certainly be far more cost affective for tax payers than pumping trillions of dollars into big business and giving hand outs to people who don't have mortgages.
Dave