The Win-Win Solution
Together, with The New Bottom Line, we are releasing a proposal that does just that.
According to the report, The Win-Win Solution: How Fixing The Housing Crisis Will Create 1 Million Jobs, if banks lowered the principal balance on all underwater mortgages to their current market value, over $70 billion per year would be pumped back into our economy, millions of families would be able to stay in their homes, and over 1 million jobs would be created.
By writing down all underwater mortgages to market value, the nation’s banks could:
- Pump $71 billion into the economy every year;
- In New York state the annual stimulus would equal $1.25 billion
- In Ohio, $1.64 billion
- In Florida, a staggering $12 billion
- Create more than one million jobs annually;
- In Massachusetts this would create over 35,000 jobs
- In Illinois nearly 43,000 jobs
- In California, over 300,000 jobs
- Save families an average $543 per month on their mortgage payments;
- Help investors come out ahead compared with the negative financial impact of foreclosures
- Fix the foreclosure crisis once and for all.