Forum Post: Suggested demands for fixing the foreclosure mess

Demand 1: a) Immediate debt workouts for everyone. All mortgage balances reduced to no more than 90% of a home's value. b) All homeowners offered the opportunity to refinance to the current interest rate (4% or less). c) Special assistance for everyone who as lost a job. Monthly payments should be reduced to 31% of income--no matter what the loan balance and income level is. d) Reversal of all foreclosures done since 2008--people should either get their house back with financial terms they can afford or a similar house if the original is not available. e) Credit card debt should be cancelled for people who lost their jobs.

Demand 2: a) Nationalize all major banks and financial institutions--Citi, Chase, Bank of America and Wellsfargo,... b) Fire the management teams at all of them. I'm sure we can find replacement leaders who can do a better job.

The mortgage system is really messed up. The only way to fix it is for the government to take over the whole system.