Can this plan “Save our economy”?

Real Estate Agent with Keller Williams Realty

Photo courtesy of WoodsyCan our economy be saved by a mortgage holiday? This is the plan devised by two Portland, Oregon, businessmen. A local jewelry store and a high end hotel owner, together, came up with a plan that they say will stop foreclosures, stimulate the economy, and get this country back on track.

Their plan is actually ok, but I do see a lot of jobs being lost by it. It would eliminate the need for collectors, and short sale and foreclosure departments for the next year. Their idea would be to have a one year mortgage holiday for all mortgages in the United States. Now, this isn't mandatory and if you don't want to participate, you don't have to. But the idea is the payments would be added to the end of the loan and gives people one year to pay off other bills or use on other items needed.

This would put a lot of money in to the economy. But my thought was how was this going to help renters that are in the properties of the owner that isn't paying their mortgage? They even came up with a plan for that. The landlord would have to renegotiate with the tenant and offer the tenant a 25-50% rental discount for that year, depending on what the mortgage payment was for the year.

Now, this doesn't only apply to home owners, they are also planning to include businesses in this plan. How this would work, is if you own a fourplex business or an office building that has mortgage payments, those payments would also not be paid for the year.

They feel this will help restaurants that are buying a building and give them more money to put in to the actual business. This will let them hire more people, putting more money in to the economy. They feel at the end of the year the economy that we would be back in a position to curb inflation and foreclosures.

Check out the whole plan at their website

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739

Posted by

Todd Clark (broker w/ Ken's Home Team)
Keller Williams Realty
Phone: (503)524-9494
Fax: (503)746-9573




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 I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.


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Comments 13 New Comment

Jeff R. Geoghan
Marketing VP & Coach
Coldwell Banker Select Professionals

It's really an academic discussion at this point - our fearless leadership has pulled the trigger on their own brand of "stimulus" this very evening, over the objections of a (finally) united opposition and 11 of their own party.  We're going for the ride, like it or not...

January 28, 2009 09:05 PM
Leslie Stewart
Realtor , CRS, eCertified, Oregon Licensed Broker
Prudential Real Estate Professionals

What a concept.  I agree with Randall, most people will throw the money away on frivolous things and I cant see how that will help the housing market.  People need jobs to make a living; first things first.

January 29, 2009 12:37 AM
Rebecca Levinson, Real Estate Marketing and Online Advertising Consultant
Real Skillz-Clear Marketing for Your Real Estate Vision

Hmm...that is interesting Todd.  I appreciate your bringing it the attention of blog readers.  I am intrigued from a crush the box mentality standpoint, but I do believe helping people earn a living is key.  It is not just homeowners in trouble here.

January 30, 2009 12:03 PM
Jim Beatty
Key Realty

I'm seeing some encouraging signs lately!  Many of which elicit opinions both positive and negative, but I think the fact remains that we have to do SOMEthing, even if it's wrong! (old expression).  I still keep in touch with friends in the homebuilding industry who have seen increased traffic at their model homes this weekend and each of the two past weekends.

Of course the money being pumped into the banking system, banks offering workouts and re-working loans, Chrysler announces that they will be a viable business by spring (great for our city since the Jeep Plant is a MAJOR employer in our area) and now the "bad bank" idea to help fix the banking system's collective balance sheets!

I'm not fond of the name "bad bank" to take the toxic mortgages over, and am still waiting to read details of how it will work, but I'm remembering the old RTC of the last housing crisis served a similar function and really helped turn the market and the economy around!  (of course the discussions surrounding the formation of the RTC elicited both positive and negative opinions, too).

Over all, I think we're getting back on the right track and I belive the worst is behind us.

February 01, 2009 05:21 PM
Tom Priester
Paradise Sharks Real Estate
Paradise Sharks Real Estate

Todd, always enjoy your statistics and the beautiful presentation. Thank you for sharing and hope all is well up in Beaverton.

July 09, 2010 05:23 AM

Todd Clark

Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494
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