(Sent) 25 September 2008

Senator:

As a former Marine, American citizen, father, husband and homeowner, it is my hope this approach/proposal outlined below will be digested and considered for action.

I have prepared a draft proposal that will:

                Flat line the mortgage industry

                Reset credit and lending opportunities

                Inject economic adrenalin unlike that seen in the history of the United States

                Restore confidence in the American Dream

This plan is called “The Chuck Plan.”

Please bear with me and digest the information before discounting it. There is critical need for radical decision-making that will salvage hope. I will refrain from getting into golden parachute discussions, or who will make money because of the meltdown, and will instead attempt to briefly outline The Chuck Plan.

You know…this might just work.

This caveat: Homeownership is the backbone of the American Dream, and that backbone is broken. It must be reset with haste and with precision. A band aid of new rule-making is a mask for indecision and profound action. This therefore calls for unprecedented thinking and behavior.

1. All homeowners who have mortgages stop paying their mortgage and are given their properties outright and permanently, and under the protection of the Federal government. This in turn will allow the mortgage industry to flat line. All mortgage payments that would have been paid now become available for immediate reinvestment, bank deposits, purchases for goods and services and educational payments, job creation, and many others.

2. Once all the mortgages are cleared off the books, all the revenues will immediately shift and be leveraged back into the economy and the American consumer would be adding rocket fuel to the economy because of the profound availability of cash that would flow through the marketplace..

3. The banking industry will immediately have available substantial money that has been produced and can be shifted under “new” ethical, oversight for mortgage reconstruction.

                Scenario: If on average each of the 100,000,000 homeowners in America were no longer required to make a mortgage payment of (on average) $4,000 per month, and they owned their properties now outright, free and clear, then that monthly $4,000 would immediately be placed in banking and put to work reinvigorating the economy through purchasing power. Banks would succeed immediately, investment in stock would succeed immediately, confidence would be at an all-time high. Homeowners would still be required to carry insurance and pay assessed value taxes on their now free and clear property. The mortgage industry would collapse, yes, but the reset would invigorate the economy to such substantial degree that the wave of optimism would be incalculable.

                3a. The immediate availability of cash that would flood the market outside the now flat-lined mortgage industry would jump-start the economy because of the trillions in cash that would be available immediately. The banking industry would then be healthier than ever before historically.

                3b. Rough estimates: Monthly, across the nation, there are $364 billion in mortgage payments that would be forgiven/existing homeownership be made permanent with no further mortgage payments due/purchases on the market would sky-rocket/foreclosures would be forgiven and cease/the American Dream would be attainable.

                3c. Rough estimate (2): Annually, across the nation, $5 trillion would be immediately available for reinvestment; consumer purchasing power would be astronomically enhanced. The economy would flourish.

4. Once the mortgage industry has flat lined, it can be reset with appropriate, ethical oversight in constructing valid policies and procedures.

5. The Federal government would now have time to investigate the mortgage collapse in its professional entirety. In this interim (I propose 12 months to develop and launch a new mortgage system); all home sales will be frozen. This may cause some to complain, but at the end of 12 months, the mortgage industry would be reset.

There are many other extremely beneficial components of “The Chuck Plan.” This is just a start.

I ask you to consider this plan and would be available to discuss with you an immediate way ahead.

                Who Loses:

1. The mortgage industry collapses, but the revenues made available because mortgage payments are forgiven for existing homeowners and the subsequent availability of cash propels the economy into new heights, and is represented by cash purchases, new job starts, educational payments, etc.

2. Mortgage companies who have been exercising ethical loan practices will unfortunately be part of the reset.

                Who Wins:

1. The American homeowner

2. The American economy

Extreme situations require extreme action.

Regarding the $700 billion bailout option: It will FAIL.

You know…The Chuck Plan just might work.