Gary Barnett has plan to help economy

March 04, 2009 09:33AM

Gary Barnett, chief executive of Extell Development Corp., says the government pouring money into banks isn’t going to help the country, and he has his own proposal to help the housing market and boost the economy. Barnett’s plan includes a three-year extension of all mortgages that are current on interest payments, which will prevent defaults on large properties. Barnett is also calling for $10 billion to $15 billion a year in federal funds to subsidize mortgages, allowing homeowners to take out 30-year loans at 3 percent interest, with the government picking up the remainder of the interest. In addition, Barnett wants the government to block large corporations from laying off workers unless they can prove they are in danger of financial collapse.

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