A Solution to the Nation’s Mortgage Crisis…Part II

“At our current pace the economy will take 3 to 5 years to recover. Stated unemployment currently is single digit, however when you factor the real numbers which include those who have given up, unemployment is easily in excess of 18%. However, if The Mortgage Holiday was adopted you would see immediate economic improvement within 2 months and by 12 months it would be booming!” Those were the words and projections from Mark Hemstreet who is the creator of The Mortgage Holiday 9 Point Stimulus Program, as he sat down with me and gave a progress report on the proposal he made public in 2008.

You don’t have to be a financial genius to understand the merits or viability of the plan. However, you must read it to understand how you may benefit from the proposal. I first heard about it in late 2008. Like many I dismissed it as a fluke because even though our economy had sunk to rock bottom, I did not anticipate the housing crisis to still be unresolved.

“It’s neither a Republican program nor a Democratic program”

Mark Hemstreet did not create the program from a lark or from some zany perspective. He created the successful Shilo Inn hotel chain in 1974. As a businessperson he has developed success which adds to his credibility in discussing economic issues. As a person on a mission Hemstreet has dedicated countless hours on his proposal and has invested nearly $300,000 educating lawmakers, consumers and anyone who will listen to what he says will “jumpstart the economy. From coast to coast, his plea has remained consistent and that is for people to READ THE PLAN . He has regularly appeared on Sirius/XM and other media outlets. Through his outreach he has gained the support of renowned talk show host Joe Madison, known as ” The Black Eagle ” (channel 128). In 2010 pay dirt was struck as Joe was doing an exclusive on President Obama. It was during the interview held at the White House where the President personally accepted a copy of the proposal. While no commitments were provided, the President did indicate staff would review the plan.

The Mortgage Holiday is a nine point program and highlights include:

· The program is voluntary

· The program provides a timeout from making mortgage payments up to 12 months (there is also an option for renters). It is from this pool where consumers would use accumulated funds to “jumpstart” or fuel the economy.

· Additional government funds ARE NOT NEEDED as there is sufficient surplus from the TARP and previous Bailout pool .

· Instant loan modifications at 4%

The TARP program did not work, as according to Hemstreet, “it was nothing more than a bait and switch on the taxpayers.” Programs developed from various political leaders and government agencies such as HAMP , FHA, etc. are steps in the right direction, but simply have not yielded sufficient success. Unfortunately, according to Hemstreet much more is needed, “A more robust and thoughtful strategy is required if we are serious in solving this problem versus typical hand-outs,” he stressed.

Hemstreet agrees programs likes this are met with skepticism and other forms of resistance. There is partisanship, lobbying efforts, apathy and basically little will to do something as bold as to consider the possibilities.

“Again, the programs we currently use do not work,” lamented Hemstreet. “Even for me, the credit markets are frozen because while I operate a small business, it is beyond the scope of the SBA definition, so I’m out of luck in securing additional capital. Fortunately I have other resources.” he concluded.

All I ask is for people to read the plan and give it an up or down vote. Aside from political apathy from all his marketing to educate the plan very few have told him it would not work.


Hemstreet believes bold leadership must step up to support the plan. As in addition to President Obama his hope is to have a leader from each political party offer sponsorship. Another option is to recruit well known personalities to embrace the plan. This gesture would motivate regular citizens to become empowered and demand the proposal be addressed, one way or another.

“Our mortgage pool alone is about 80 billion dollars and if that debt was restructured the direct economic benefit would be 400 billion plus, so this proposal offer the best shot for us to reclaim the American dream. I urge people to read the program and contact their congressional representative for feedback and support. It is not enough just to read it, like it and not follow through with action,” concluded Hemstreet.


Fred Thomas, III = Fred T

Mark Hemstreet = MH

The Mortgage Holiday (TMH)

Fred T – When did you create the Proposal?

MH – The program was announced in 2008

Fred T – What’s the basic premise of the proposal?

MH – The TMH offers a logical, pragmatic and deliverable program which will allow for debt restructuring

Fred T – Does the program rely on additional government funds?

MH – No! It’s a helping hand, not a hand out.

Fred T -What is your opinion of our current credit markets?

MH – Unfortunately, since the 21st Century Style Depression we are experiencing, OUR CREDIT MARKETS ARE FROZEN!!

Fred T – What’s the spirit of the program?

MH – TMH is a 9point program and if adopted you will see Revenues increase, which will allow for Tax Rates to increase benefiting our Treasury.

Fred – What is your biggest appeal to political leaders and people across the nation?

MH – The biggest appeal is for people to READ THE PLAN. Stimulus has a bad connotation and TMH would see unemployment reduce to below 6%

Fred T – How many political representatives know about the program?

MH – Not including freshman who came into office following the mid-terms, all 535 have received a copy of TMH. Some have been handed the proposal personally. President Obama has been handed a copy of the proposal.

Fred T – Other than President Obama can you name other supporters?

MH – I have received feedback from Senator Crapo, Senator Jeff Sessions, Congressman Jim Clyburn and even Speaker John Boehner. No commitments have been provided but they are aware of the proposal.

Fred T – Have you reached out to industry related groups?

MH – My current focus was basic consumer and political education. I have not focused on specific groups such as National Association of Realtors or Mortgage Bankers of America, but I am sure they would be supportive.

Fred T – What is the biggest hurdle in getting the word out?

MH – I have invested $300,000 since 2008 in getting the word out. It seems to me, as basic as the proposal is what is really needed is celebrity type figures to galvanize the type of national attention needed. Many have spoken positively about the proposal. More than 75% of people who have seen the proposal LIKE IT but we need to create a movement to motivate our political leaders to act…

Fred T – If the MH was adopted what is your projected economic benefit?


Fred T – What has been your biggest frustration regarding getting the plan adopted?

MH – The biggest obstacle is getting leaders to read and understand the program and allow for the merits to be debated.

Fred T – I thought the TARP was to resolve our initial credit crisis?

MH – That’s how it was presented but the only beneficiaries have been Wall Street, Foreign Banks and other financial institutions. The taxpaying public was duped and the result was a “bait and switch”

Fred T – Thank you Mark for communicating elements of the Mortgage Holiday

MH – I’m delighted to discuss the proposal because it makes sense. We the people must demand our government respond to our needs because they are using our tax dollars.


Shilo Inn history

The Mortgage Holiday

Troubled Assets Relief Program

White House Stimulus Program

HAMP Program

JOE MADISON INTERVIEWS PRESIDENT OBAMA ‘” Part 2, Education & Economy 5:30 timeline

Additional Yahoo Links
A Solution to the Nation’s Housing Crisis
Loan Modifications will help the Homeowner and the Bank
Housing Crisis