Developer Procida's 100 Day Plan to Save Real Estate and the Economy

LINK TO MY STORY AT GLOBEST.COM
Procida has been promoting his Plan 100 for a few months now. He argues that instead of funneling billions of dollars into the nation’s largest banks, the federal government should deploy $100 million, each, to 100 local investment managers. Those managers would then be required to purchase defaulted loans and make new loans to customers within 100 days. He says there is tremendous flexibility on the number of managers, but no compromise on the amount of time those investors would be able to hold the cash.

"Time is the key to the plan," Procida tells GlobeSt.com. "If the government had told the banks they had 100 days to deploy the capital they were given, you and I wouldn’t even be talking now."

But Procida is talking, and he says he has been attempting to capture the attention of policy makers while hoping to further inject his 100-day plan into the national conversation. Procida says he began writing the Obama transition team last Nov. 25, when he introduced himself and his plan. He stressed an emphasis on localization and a return to banking and business fundamentals. Nine days later, on Dec. 4, Procida wrote again.