The White House
1600 Pennsylvania Avenue NW
1600 Pennsylvania Avenue NW
Washington, DC 20500 
San Jose July 2, 2010
A Letter to the President!
Dear Mr. President:
Over the past years, I have seen your administration and U.S Congress tried many efforts to prevent our economy into great depression. Our country is now in a recession. First we did help to bail out a 100 years auto industry. Second we helped in the time of the financial industry in collapse. Third is to prevent mortgage crisis that bring up million homes into foreclosure. So far we have very positive impacts in helping banking, lending out of the problems so Auto businesses would be stable. The news shows GM is going to return over eight billion back to TARP program. The Ford Corporation also paid back about 4 billion dollars to reduce their debt. This is a very optimistic point in the last many months but still have an obstacle way to pass along before we can see the light at the end of the tunnel.
I know you feel the pain from our hard working families in losing their homes. The home they have been living for years. The government has tried a few programs so lenders to help resolve this huge crisis, but we are still far away from this troubling problem. The pro and con among lenders and government goes around and around for many months. The mathematic problem that we should low interest rate, prolong mortgage terms and reduce the principal? The main issue we need to clear here is principal reducing for those underwater properties. My problem solving now is to reduce it but still can produce a constructive result for all involved parties and for own economy in the long run.
I have a better strategy; I want to share one simple proverb from my motherland: “Lieu com gap mam” try to seize the bowl of rice but forget the whole table of food…
What I mean we should create a “swap plan” for all in which we can help single home ownership with underwater mortgage to swap their primary resident to the one where they still can live. They would be able to make an affordable payment for their life time. They still can contribute back to their society. This plan will help to make our housing market stably. This plan will help to prevent another foreclosure wave. This plan needs a full support from all lending services. They need support from your administration where lenders help to finance and all level of your government. Federal will direct the housing marketing grow in the right direction. I am sure this plan will help to prevent the commercial real estate into the domino crash process in the near soon. This will also help us to create more jobs and pass through this crisis quicker. Maybe it will make our economy recovery sooner but it could create a healthy environment for our economy in general.
Yours truly,
Kenneth Phan
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