Leading Mortgage & Finance Experts Provide Innovative Solution to Housing Crisis

Leading Mortgage & Finance Experts Provide Innovative Solution to Housing Crisis

Program Offers Hope to Struggling Homeowners & Economy

JACKSONVILLE, Fla., /PRNewswire-USNewswire/ -- Today, leading finance and mortgage industry experts from USAffordable Home, LLC announced a breakthrough product designed to keep those struggling to make their mortgage payments in their home.

Called the Affordable Home Account(sm), it is not a mortgage, and unlike other current proposals, it does not require "modifying" an existing mortgage. It is an "outside-the-box" solution that eliminates the time, expense and legal hurdles for changing loans to reduce interest rates or postpone principal repayment. USAffordable Home, led by Michael Johnston, and a team with over 100 years of executive level mortgage and banking expertise, plan to launch the patent pending product in February 2009.

The Affordable Home Account will provide fixed-cash payments to homeowners to make their monthly payments significantly more affordable. In return for these payments, homeowners will share half of the future appreciation of their homes with USAffordable Home investors. If there is no appreciation, homeowners will owe nothing. The account is targeted to address a broad range of homeowners - from the foreclosure-challenged, to first-time purchasers, to cash-strapped seniors.

"It's a 'hand up' instead of a 'hand out'", said Keith Conner USAffordable Home's CEO. "And it can make a dramatic difference in meeting household expenses. For homeowners with a 6% mortgage, for example, it will be like making the payment on a 3.3% loan!"

Importantly, it supports the recovery of housing values by reducing the supply of "for sale" foreclosed properties, as well as increasing demand with better qualified buyers. It will also provide seniors with an attractive alternative to a reverse mortgage or selling their homes, which further reduces the number of homes for sale.

The account provides long-term stimulus by helping homeowners afford their home. It promises to be an ideal, highly efficient "investment" of tax payer dollars instead of an "expense" under the current Troubled Asset Relief Program (TARP) or the next stimulus package.

Accounts will also be financed by institutional investors -- including state and local pension funds, insurance companies, state housing authorities, endowment funds and other public-oriented entities that wish to participate in residential real estate as an alternative and attractive asset class. USAffordable Home believes that investment in the program could result in above benchmark returns.

For more information, or to schedule an interview with a USAffordable Home spokesperson, please contact Dan Rene of Impact Strategies at 703-869-1146 or drene@impactstrategiesllc.com

Please visit http://www.usaffordablehome.com/