America is faced with the biggest housing crisis, and due to the ripple effect, potentially, the biggest overall “financial crisis” in the nation’s history. Giant government bailouts can certainly alleviate the jitters on Wall Street and inject stability into banks and financial markets, but that alone won’t be enough.
The real issue we are dealing with is home foreclosures and plummeting home and property values. As foreclosures increase, property values decrease. Even people who pay their home loans and bills on time are feeling the crunch of defaults in their communities. They watch their property values decline as homes in their neighborhoods go into foreclosure. Everyday, it becomes more of a struggle to be a home owner.
But there is a solution – and it’s actually simpler, and cheaper than most people expect. It’s a solution that benefits the average homeowner, stops foreclosures dead in their tracks, buttresses financial markets and consumer confidence and most importantly, stops the “death spiral” of falling property values — which only contributes to the epidemic of foreclosure.
This “Solution That Works” is simple enough for the average citizen to understand, umcomplicated enough to make it through Congress and clear enough for you to understand the math without having an economics or finance degree. It’s a simple solution that will work, but we have to have the courage to try it.
This solution was put forth by business leader Dan Gilbert, Chairman of Rock Holdings, Inc. , founder of Quicken Loans, and the majority owner of the NBA’s Cleveland Cavaliers. Dan is also a partner is Rockbridge Growth Equity, a private equity group that invests in profitable businesses in the financial services; sports, media and entertainment; and consumer direct marketing industries.
So read more about “A Solution That Works.” Do the math for yourself. Ask yourself whether this makes sense. And if it does, pass it on. Even more importantly, contact your Congressperson or Senator and ask them if they support the solution. Sometimes the solution isn’t just throwing more money at a problem, but throwing smarter money at it. That’s what we think this plan does.
But you tell us …
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