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Published on Nov 21, 2010
Attorney Carl Person explains his novel plan for ending the foreclosure crisis, easily solved by local government in municipalities of less than 50,000 residents, without any federal or state statutes, funds or approvals. The Municipality will assist beleaguered homeowners in obtaining a loan modification agreement. The Municipality could obtaining financing through (i) by selling municipal tax-exempt bonds through a Municipal Foreclosure Relief Authority and/or (ii) recovery in lawsuits brought by the "Town Attorney General". The Municipality needs to take over the banks' function of working with borrowers to try to work out troublesome loans. When this program is coupled with the tuition-free equivalency college, local land values will go up substantially (because families will want to buy homes in a town providing these benefits to residents). The Municipality will have ample security for its investments in local real estate.