Ban ARMS to Bring Stability

By BAN ARMS TO BRING HOUSING STABILITY | The Tampa Tribune
Published: October 06, 2008

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The reason most people object to a bailout of our financial elite is that no provision addresses the root cause of the problem.

The only way to address this problem is to pass a law that ends the adjustable rate mortgage. The law should be retroactive to include all ARM loans. All ARMs and foreclosures would be frozen when the bill was signed. Lenders would only be allowed to renegotiate mortgage loans based on principal owed plus a maximum of 10 percent.

This will erase most of the bad loans that exist and rein-in those greedy lenders who caused this problem. It will also allow most Americans to keep their homes and create stability in our economy.

DONALD BOSACK

Tampa