Good Morning Fellow Americans,
Today we’re going to start solving America’s problems. Let’s start with the big one. Today millions of Americans are confronted with the dilemma of what to do about their home. Either they are losing it to foreclosure by the greedy banks or they are so far behind in payments and/or have such negative equity and accumulated related credit problems through no fault of their own that they are seriously worried they will be in foreclosure soon. Many have taken a proactive approach and are attempting to get the bank to work with them on a modification of their existing home loan to a more affordable payment level, only to run in to a brick wall because the greedy banks are more interested in taking their home, along with their hopes and dreams, rather than contributing a few bucks to help their customers. Then there the few fortunate ones who are current on their mortgage and still have good credit but are looking at their recent drop in home value from a great asset to a huge albatross weighing them down with a big monthly payment all out of proportion to the home’s current value and seriously weighing the option of just walking away from it because they feel they’ll never regain the equity position they once enjoyed. This is a HUGE problem, compounded by our government’s inability to do anything concrete to regulate the actions of the greedy banks, but instead to pat them on the head and say, “nice, nice doggie, here’s a few hundred billion dollars for you, just don’t bite me.” As a bone to throw to the masses, our government has set up program after program for the purpose of modifying their home loans, all of which HAVE FAILED because they rely on the greedy BANK’S COOPERATION. No politician from either major political party has the will to buck the banks in a really meaningful way. Now here is the mandate we must impose on them:
TO ALL BANKS:
WE ARE GOING TO PAY OFF ALL THE HOME LOANS YOU HAVE IN YOUR PORTFOLIO AT A DISCOUNT OF 5%, WHICH YOU WILL ACCEPT OR LOSE YOUR CHARTER. THE MAXIMUM PAYOFF IS $500,000. IF THE LOAN IS LARGER THAN THAT, WE WILL NEGOTIATE AN IMPOSED PAYOFF WITH YOU. (The funds will come from the Federal Reserve Bank as a loan to a new National Federal Mortgage Association, NFMA, set up similarly to the USPS as an independently run, government owned entity. The loan will be for the total of outstanding mortgages in this country, $15 Trillion less the 5% discount for a net of $14 Trillion, $250 Million @ the same interest rate we are paying on our national debt, currently about 1.5%. The Federal Reserve Bank has the power to just print the money. Now normally that would cause some inflationary trend but as you will see when we get into the fine details, that won’t be a factor in this case.)
TO ALL HOMEOWNERS:
We have paid off your home loan with ___ Bank. We will be issuing a new home loan to you with the following terms: Face amount will be today’s FAIR MARKET VALUE regardless of how much you owe so any negative equity will be forgiven with no tax consequences. Interest rate will be 3.50% INTEREST ONLY for two years to give you a chance to build up a nest egg, then will convert to a fully amortized 30 year loan at 3.50% PRINCIPAL AND INTEREST plus impounds for taxes and insurance. This loan will be serviced by the FNMA staffed with former personnel of the FHA, Freddie Mac and Fannie Mae, Those agencies will become obsolete and be closed permanently
TO ALL PROSPECTIVE HOMEBUIYERS:
You may buy a home any time you want under the following guidelines:
Your credit score and credit history is not considered. You must have a minimum 3% down payment. You will pay the current fair market value. Your interest rate and term will be exactly the same as for the refinancing homeowners above. You will have to set up impounds for taxes and insurance. The maximum loan is $500,000 so homes with a value above $515,464 will require additional down payment for the difference or you will have to get a loan from a bank, WHICH WILL BE THE ONLY CASE IN WHICH A BANK IS ALLOWED TO WRITE A MORTGAGE.
SUMMARY: The net profit to the NFMA will average out to 7.5 Trillion every five years INCLUDING a fund of $725 Billion earmarked to cover the negative equity on the paid off bank loans. This will result in the NFMA being able to reduce our national debt to $0.00 in 15 years, reduce the Federal Reserve loan to $0.00 in 25 years, and in 30 years be able to pay ALL health related expenses for EVERYBODY and pay the ENTIRE NATIONAL BUDGET EACH YEAR, thus making the IRS obsolete so it can be terminated.
NO MORE BAD CREDIT, FORECLOSURES, POVERTY, UNEMPLOYMENT, CRIME, IRS
NO MORE: INCOME TAX, FHA, FREDDIE MAC, FANNIE MAE, HEALTH CARE COST
NO MORE: PARTISAN POLITICAL SQUABBLING, FEDERAL DEBT, BUDGET DEFICIT
YES, YES TO: COLLEGE, BUSINESS CAPITAL, MONEY IN THE BANK FOR EVERYONE,
It really is ridiculously simple. Unfortunately, our politicians will fight it tooth and nail because this takes POWER out of their hands. The difference is UP TO YOU! If you will write and call your elected Congressmen and Senators and the Whit House OFTEN AND CONSISTENTLY, demanding passage of this program, IT CAN HAPPEN. If you want to contribute funds to campaign for this program, we will accept them for deposit in a trust account to be spent ONLY to promote this program. Only by a well organized MASSIVE outpouring of Americans saying, “ENOUGH, WE’VE HAD ENOUGH,” can we save the USA. That’s all for now. I’ll publish the actual fionancial details in my next issue. Until then, may God bless all of you and the USA.
Old Fashioned American