December 17th, 2008 | by Mariah Summers News | Posted In: CLEAN UP, Business

One Way To Beat The "Second Great Depression"?

     
Tags: economy
re_mortgages

Looking for any way to get out of making your mortgage payments for a year?

Save Our Economy thinks it has the answer. The group is asking people who want to take a year-long break from mortgage payments to contact their lawmakers to pass federal legislation that would make the mortgage-free year a reality.

The group's Jessica Burns says letting everybody stop paying their mortgages for a year would stimulate consumer spending and get the economy back on track.

Uh, OK. But what about the banks?

“The extra money people have would jump start the economy like nothing else,” Portlander John Hugil said on the group's website. “The banks would benefit too. Repossessions and foreclosures are nightmares for the industry. They want to get the money loaned with the interest agreed on - and they could with this plan. A 30 year mortgage would just be a 31 year mortgage.”

If you're interested in reading more, go here.
 
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