President Barack Obama talks on the phone with Prime Minister Monti of Italy aboard Air Force One, June 6, 2012. (Official White House Photo by Pete Souza)
Dear Mr. President:
As you know historically, since the great depression, refinancing mortgages has been this country’s exit strategy when it comes to pulling us out of the economic ditch.
So it’s nice to see that you are now pushing Congress to pass refinancing reform. It’s the most effective and efficient way to craft a bailout that actually helps everyone.
I’ve seen a number of bailouts which have been structured to save the banks, the bankers, and their bondholders. But never the average Joe.
But the truth is everyone, from the government to the private sector, relies on the consumer to keep the economy going. Saving the banks has so far done nothing to get us out of the economic doldrums.
So your effort to put a few hundred extra dollars in homeowners pockets is certainly a step in the right direction. I sincerely hope this isn’t an election year ploy and a true effort to rev up the U.S.’s economic engine. But you’ve got a long way to go to convince me and the American public that you are serious.
We’ve all heard the speeches, from you and countless other politicians. But what we need now is action.
Since your White House staff is soliciting the public’s opinion on this policy, please allow me to make this direct appeal to you sir.
Continue your focus on the underwater homeowners who are as you like to call them, ‘responsible’. In our efforts to save the ones who have fallen behind, it seems the vast majority of them (9 out of every 10 underwater homeowners are still paying their mortgages) have been forgotten and left out in the cold. You need to do more, much more.
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