Today, The New Bottom Line releases a report called The Win-Win Solution: How Fixing The Housing Crisis Will Create 1 Million Jobs. The report details the positive economic benefits if banks simply lower the principal on all underwater mortgages to current market value.
- Create 1 million jobs every year — This includes over 300,000 jobs in California, the state hit hardest by the financial crisis.
- Pump over $70 billion per year back into communities across the country for the next 30 years — This includes $12 billion dollars per year in Florida, the second of the two states hit hardest by the foreclosure crisis.
- Save American families an average of over $500 per month on their mortgage payments
- Solve the foreclosure crisis once and for all
This a simple solution to the foreclosure crisis and a win-win for both homeowners and investors.
That’s why The New Bottom Line is launching a petition to ask all fifty state Attorneys General to make reducing principal on underwater mortgages a key piece of any foreclosure settlement with banks.
Tell your Attorney General: We urge you to take the courageous and much-needed public stand against the greed and selfishness exhibited by these large banks. Work with your us to hold the big banks accountable and to revitalize our communities and our states.