Vigilante Economic Recovery Detailed By Held Harmless' Anthony Baratta

Baratta asserts ingenious American businessmen and women must step-up and take control of the future because, "We are the economy; therefore, we are the solution."

"Real, immediate and cost effective actions we can take today to address economic problems do not cost $700 billion; they are not bailouts, and the taxpayers will not have to pay the ultimate price," claims Anthony Baratta. "We can halt foreclosures, make banks whole, and stimulate the economy by putting jobs back on the streets and eliminating problems with simple solutions that work."

Baratta's proposed solutions go beyond the economic - his keen interest in the proper development and growth of the society surrounding him propelled him to draft proposals regarding the foreclosure of mortgages, public school funding and crimes committed by juveniles:

I. MORTGAGE FORECLOSURE SOLUTION:

1.) REASSESS: Reassess the true value of each home associated with each mortgage. Example: If the current mortgage is $300,000 and the reassessed value is $200,000; there is a $100,000 shortfall.

2.) CONFIRM: Based upon the re-assessed home value (using the example of $200,000), re-qualify the mortgage holder by reconfirming their income. If the annual household income remains the same as when originally applied for the mortgage, then the mortgage holder is qualified.

3.) ADJUST: Adjust the mortgage ($200,000) to a fixed mortgage using today's interest rates.

4.) RE-ESTABLISH: The $100,000 Deficiency/Shortfall of the Original Loan: This will not be "erased." Rather, it is placed into the new mortgage ($200,000) as a balloon payment due in 10 years. Now there is a mortgage of $200,000 and a 10-year balloon of $100,000; so then the total mortgage plus balloon is now (once again) $300,000. No values are lost.

5.) RELIEF: After 10 years, the equity in the property will grow, the household income would have increased and property values would have increased. It is time to sell, refinance or obtain a reverse mortgage (for older homeowners) to compensate for the balloon payment.

6.) - ALTERNATIVE - Alternatively, after the foreclosure is halted and the mortgage has been adjusted as stated above, the homeowner(s) may prefer to sell their home which means paying off a $200,000 mortgage with a balloon payment of $100,000 in 10 years; total payoff is $300,000.

To resolve this issue, the new homeowner will receive a Real Estate Tax Credit equal to the total balloon payment divided over the term of the 10 years. This means the home will sell for $300,000. The loan will be paid-off, and the new homeowner will benefit from buying the home at $300,000 as he/she will be able to write-off the $100,000 balloon costs over 10 years. Now therefore, the home buyer will be genuinely qualified for the $300,000 loan and will annually benefit financially from the tax credit buffer.

TOAL COST TO TAXPAYERS:$0.00 US DOLLARS
TOTAL COST TO HOMEOWNER:$0.00 US DOLLARS

II. PUBLIC SCHOOL FUNDING:

1.) FACT I: The majority of Public School Districts in the United States are Moodys or Standard and Poors rated.

2.) FACT II: The majority of Public School Districts in the United States own the property and the school buildings outright; without a mortgage.

3.) PROBLEM: The problem facing public schools is a lack of funding.

4.) SOLUTION (by example): People who own their home without a mortgage would use the equity in their home to acquire money if they needed it today. The public schools should do the same under a long term sale-leaseback.

a.) Public schools sit on million-dollar properties; free and clear of a mortgage
b.) There are billions of dollars in available funds
c.) Sell the schools (land and building) to the private sector and allow the school districts to lease them back with an option to buy them back at any time
d.) The millions of dollars in funds accumulated in the sale-leaseback(s) can be used to build new schools, improve old schools, hire new teachers, purchase new school supplies and equipment, and so on.

Brokerage firms which profit from raising money for schools through bonds and municipal bond-offerings have stonewalled this resolution because it eliminates them from the fundraising process and they lose massive fees and commissions.

III. CRIMES COMMITTED BY JUVENILES:

When Baratta appeared on The John Walsh Show, he proposed a Parental Liability Agreement to work on reducing, if not, eliminating crimes committed by juveniles. The Parental Liability Agreement holds parents and guardians legally liable for crimes committed by children under the age of 18.

The public-written agreement affirmed that parents - as well as the child - would be held liable for crimes committed. If a child steals, together with the parents the child would either have to pay with money or pay with community service.

Publicized in a community paper and on a national Web site, parents would know who else has agreed to be responsible with their children - a factor essential to selecting appropriate friends and families to associate with.

The idea of "Know Your Child" was the key:

- KNOW where they are
- KNOW who they are with
- KNOW what they are doing.

"There is an alternative cost effective solution to every problem but we cannot depend on someone else to find them," stated Baratta.

ABOUT Held Harmless

Among other concepts, Anthony Baratta is the Founder and Trustee of HELD HARMLESS Holdings Trust and www.HeldHarmless.com. HELD HARMLESS is America's First Line of Defense and Only Insurance Alternative Against Insurance Claims, Deductible Fees, Lawsuits, Lawyers, Legal Fees, Bankruptcy, Foreclosure, Legal Liabilities, Losses, Injuries, Damages, Insurance Premium Cost Increases and more. Learn more online at 'http://www.HeldHarmless.com'.
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   Mr. Kevin Warsh
   Director
   HELD HARMLESS Holdings Trust
   New York,    NY,    10001
   USA
   (877) 491 - 3011 (phone)
   information@HeldHarmless.com
   www.HeldHarmless.com