Posted on August 14, 2009

Hey, Mr. President, How About a Holiday?

Warren Ballentine, Black Enterprise, August 10, 2009

Each year we celebrate many holidays in the country, from the Fourth of July to Christmas, and we also celebrate regional holidays as such as Sweetest Day and Juneteenth. So, I ask you, Mr. President, why not create a new holiday?: The Mortgage Holiday.

{snip} I am talking about a one year Mortgage Holiday where homeowners will not be required to pay their mortgage for one year! Do have your attention yet?

Here is how it would work:

1. It would be optional. You only do it if you choose to.

2. You cannot be more than three months behind on your mortgage.

3. The interest on your loan will continue to accrue during the “holiday” year.


With the housing market and the economy in disarray this makes perfect sense. The banks will not lose a dime; in fact they will make more money over the course of the loan with the extra year of interest. Homeowners will be able to catch up on their bills and become credit worthy again, thanks to the extra monthly income they have. The economy will rebound more quickly with the extra cash and credit in the market.