A RESCUE PLAN

The needy

1. The elderly

With the advice that the eld3rly should shelter at home, no income and the value of their pension plans deteriorating, keeping their homes has now become a desperate need.

Solution for many:

Reverse Mortgage loans.

Reverse mortgage loans were designed to aid this class of citizens.

Recently, the fed has reduced interest rate, making the cost for banks to borrow money quite inexpensive, thereby imposing on banks the obligation to advance credit to citizens.

We all know that Reverse mortgage loan re less lucrative for banks than traditional loans.

Banks live on the “spread” between the cost of the banks to acquire funds and the profit earned by banks from lending those funds to others.

The federal and state governments must release and relax regulations which make it more difficult for banks to make reverse mortgage loans.

Years ago, state and federal government agencies became apoplectic about bank practices to not make mortgage loans secured by property in minority neighborhoods where the profitability of those loans were perceived to be lower.

That practice become known as red-lining.

Failure to accommodate the needs of elderly homeowners is clearly grey- lining.

On March 16, Governor Cuomo poke of directing his Chief Judge of the Court of Appeal, Janet De Pietro, to close the New York State courts to all but critical criminal court matters.

Commercial litigation, for example, residential foreclosures, would be postponed and that would be good for all.

HUD has restricted actions to evict and/or to foreclose residential properties. This is an inexpensive way to achieve a terrific result.

Category 2 Service workers.

With the required closing of restaurants, clubs, bars, those establishments and the service workers in those establishments are hurting.

Loans to those establishments, guaranteed by governments are a simple way to help the establishments.
Income for the employees can be achieved easily and equitably as follows:

All club employees, restaurant workers and bartenders who earned salaries and tips during the past 4 years, as demonstrated by their income tax returns, should be provided monthly cash payments equal to their prior monthly income.

The money for these cash payments can be identified in federal government coffers without imposing those cots on other taxpayers.

Communist China has had significant responsibility in causing and spreading the Coronavirus and in threatening to withhold drugs and medication to help Americans.

America could simply refuse to pay interest on it debts to Communist China and use the savings to make cash payments to American service workers.

Fair is fair.