To Whom It May Concern;

I am an American citizen. I do believe in the ability of the executive office within it's powers to decipher the needs of the populace, and to exact powerful remedies to immediate problems. I am aware of the issue of bank solvency due to a massive default upon mortgage loans in this country. I have heard the voice of fellow Americans who state their inability to reason continuing to pay for a home of which the value has dropped in some cases fifty percent or more. I am writing to address the possibility of supplanting the loses with a new banking amendment which would allow for a revalue of the collateral. In other words. I believe it would be beneficial for a bank to be able to offer a restating of the value of the collateral to aling with fair market value. This would be instituted on a short term basis, possibly one year for the program. The two fold purpose of the program would be to allow homeowners to refinance and would allow the bank to make non negotiable the previous interest rate of the loan. The owner could not shop the loan. Each bank would retain ownership of the contract. I feel that from the executive level a strong stand towards this public option would result in the positive restructuring of millions of negative equity loans. This, I believe would result in a massive restating of the market value of American real estate, as well as provide the stability needed to stabilize the market. I believe this would be a responsible decision on the part of the government and the banking industry. One that would benefit the people as well as the course of the presidency.

I do not believe in the ownership of an idea, only the sound judgments of leadership reflecting the needs of societies at large. On a side note I have often wondered as to why those wealthiest of Americans are not making massive efforts to organize an organization whose function it would be to purchase these foreclosure homes. It seems to mean that the markets value has restated itself. Buyers are still leery of investment, and homeowners are frustrated. Neighbors who purchased each four hundred thousand dollar homes were once equals in their striving. Now when one homeowner has realized foreclosure and the other is paying double the FMV to continue occupancy one cannot help but understand when a new investor or private owner moves in next door for half the price. It would seem to me perhaps Vice President Biden could allocate some time to arranging investor meetings for those looking for a safe place to park billions of dollars. With an average foreclosure selling at auction for an assessed value ranging from forty to twenty percent of fair market value I would imagine this investment would be only logical. There is a need for the market value to be stabilized and shored. Such a program would result in millions of properties being removed from the banks books, and would provide a natural rental base for those whose income may afford the property but whose credit has been damage due to loss.

These are just some thoughts on the issues of the day. I thank you for your time.

An American