- Mortgages will be purchased at a 30% discount off face value as of 12:00:00 a.m. EST September 15th, 2008.
- Each purchased mortgage must be accompanied by current, verified contact information of signer of mortgage documents.
- Purchases will be made until we have exhausted funds equal to $500 Billion.
Mortgages will be held for a period by the Federal Government and will be paid for by funds raised by:
- Lowering corporate tax rate to 22.5% for a period of 36 months from passage of bill.
- Lowering all capital gains taxes to a rate of 10% for a period of 36 month from passage of this bill.
Money raised by these measures will be calculated as the YTD difference of these taxes collected as of 12:00:00 am EST on the final day of each month as compared with corresponding months of 2007.
Warren Buffet will manage this quasi-government venture for a period of 36 months from date of passage of this bill. His duties and compensation will be as follows:
- Hold assets until such time as he can re-market them at or above purchased face value or for any profit after holding them for a period of 12 months.
- He will be compensated exactly 5% of the profit for the sale of said mortgages after cost of funds of 0% APR.
- Warren Buffet will agree to take no other compensation or financial gain for his service in this operation.
At the end of the 36 month period all Mortgages will be sold in bundles to any investment group, private individual, or bank willing to pay then current fair market value minus 5%.
All in favor say "I" those apposed "Nay".