“Foreclosures Must Be Dealt With Seriously Or The Demise Will Deepen”! Says Miami Dade County Mayor Candidate Khavari.

Bob Waterstripe

Miami, FL. April 21 — Noted economist and candidate for Miami-Dade County Mayor tells all county residents  that his administration will apply pressure to banks and local politicians.

“Foreclosures are rampant and there is no end in sight as long as unemployment is high. And there is no reason to expect unemployment to do anything but get worse,” said Khavari. “My economic plan for Miami-Dade County will generate 150,000 jobs within three years, but more needs to be done now to stop foreclosures.

“The banks brought us the housing bubble. They drove up home prices and wrote millions of inept loans. Then they bet on the loans failing, using credit default swaps and collateralized debt obligations. They won the bets and collected their money, so why are they crying? Meanwhile, they have raised interest rates, cut credit lines, and lowered almost everyone’s credit rating, including the majority of the people who have never missed a payment,” Khavari said. “This has brought our economy to a standstill.

“By not addressing the foreclosure crisis, the economy will continue to spiral downward and the banks are doing nothing but making it worse. They collect on their bets, then grab the homes and put families onto the street using bogus documents. Then they sit on the houses because they don’t want to admit they are worth less than their books show.

“Every family in America lost out, but we bailed out the biggest insurance company and the biggest banks in America , and their employees collected billions in bonuses. And what have they done since but destroy our economy? The banks need a wake-up call, like a two-by-four upside their head,” said Khavari.

“They screwed up their own system so badly they need to forge documents to do foreclosures. Anyone who believes that their recent reviews of their documents will change anything should shop for beachfront land in Arizona , because it is just make believe.

“If every Miami-Dade County family would withhold their mortgage payments, and save that money in an escrow account at a bank other than where they have their mortgage, we could get the banks to come clean, or else get rid of them forever. Specially, we must force the banks to do the following:

“First, issue a statement showing their total mortgage activity since 2006 and a summary of all the derivatives they speculated in, the entire collateralized debt obligation and credit default swaps.

“Second, every homeowner must be informed of what the bank did with their mortgage, including packaging it, slicing and dicing it into so-called securities—exactly how many derivatives bets the bank made on that very mortgage. We’ll see how much the banks stand to collect – and from whom – when you don’t pay the mortgage.

“Third, every homeowner must be informed exactly where their original mortgage note is, who owns it now, and how they can see it if they wish to.

“Fourth, the bank must negotiate in good faith to reduce the principle balance according to the new market reality, which was brought about the banks in the first place.

“Fifth, the banks must refinance at 2% fixed rates for 15 years based on current market value.

“Sixth, the banks must inform each customer how much money they donated for the past five years to every political party, lobbying organization or political fund of any kind.

“The alternative,” said Khavari, “is for us to create the Public Bank of Miami-Dade County , which can just buy all the houses from the banks at the current market value, say 50% of the original value, and issue the 2%, 15-year mortgages ourselves, while leaving the families in their homes. We have already shown that this could earn billions per year for Miami-Dade County while saving its residents 50% to 75% of the long-term cost of owning a home.

“The banks have abused their power to create money out of thin air and charge interest for it. Just when the economy needs consumer demand and spending, they raised credit card rates to 30% and raised minimum payments, just to be sure that there is no available cash to spend on anything but paying the banks. Their time is over. A public bank could earn countless billions issuing 6% credit cards, and there is no reason the commercial banks can’t do that, too—except for simple greed.”

Khavari’s plan for a bank owned by the people has received national acclaim and has since been adopted by gubernatorial candidates of at least three parties in seven states, and several similar proposals are pending in state legislatures across America . His job creation plan is based on organizing demand, rather than tax cuts and eliminates property taxes.

“On May 24, the residents of Miami-Dade County have an opportunity to choose a mayor who will fix our economy. Khavari said, “We are in this mess because of banks & insurance companies along with the mismanagement of resources by politicians, including the commissioners. We can resolve the economic woes of this county with a solid economic plan and prudency, but we don’t need another meddling politician or lawyer, we need an economics expert.

“The residents of Miami-Dade County have a genuine opportunity to vote for a prosperous future, be sure to vote and get others to as well” said Khavari “ You can vote from home, visit my website”.

Be Sociable, Share!

•