Almost everybody would like lower house payments, no federal income tax, and no more bailing out of the banking institutions. The new paradigm would be to have the federal government be the mortgage banker. They would basically lend our own money back to us at 3 percent.
Use less than 1 percent of that to run the program and the remaining 2 + percent to finance the federal government budget. Thus eliminating the need for an income tax. Why do we need the bankers to skim off of billions and billions?
Dana Erickson
Use less than 1 percent of that to run the program and the remaining 2 + percent to finance the federal government budget. Thus eliminating the need for an income tax. Why do we need the bankers to skim off of billions and billions?
Dana Erickson
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Interesting idea, Dana. The Feds kind of do that now through Freddie Mac and Fannie Mae, FHA, and VA. But if the Feds Directly deposited funds in mortgage banks, with the banks making low interest loans to homebuyers? I don't see why this would not work. And the Feds could slow down the time on foreclosures during tought times to balance out poor economic times.
I will pose the question to my mortgage banker friend and see what she thinks.
I will pose the question to my mortgage banker friend and see what she thinks.
Craig
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