Years ago I borrowed money to buy a house. I was under the
illusion that I was working with a partner that was helping me to own a home and
reach financial security. I didn't realize that I was the pigeon at a casino
that was betting on my failure. Now I know better.
I would like to believe that there are honest bankers that do
want to improve their communities. If there are, we can change the outcome of
our relation to financial organizations by changing the rules. We do not get
what we deserve, only that which we agree to in our contracts. This nation would
be in a completely different position if we had demanded that they deal with us
in just a little bit different manner.
Lets assume that I go to my local Credit Union and establish a
normal loan but we now make these provisions. We agree that if at any time it
becomes apparent to me that I will be unable to continue making payments I can
declare my problem to my financial partner and they can then take action
depending on the situation. They can close the transaction by returning the
equity accumulated in the loan and take immediate possession of the property
(maybe allowing me to stay on as a renter) or they could begin making payments
to me, returning the equity as in a reverse mortgage. This could allow me to
avoid living on the street until my monetary condition improved and I could
again resume making normal payments or sell my home and make other arrangements.
Why should I agree to give up everything I have worked for because I become sick
or lose my job?
This would require a continuing and direct involvement within
our communities and prevent mortgages from being sold into derivatives. It might
cause banks to stop making loans they know cannot be repaid. Maybe it will
require us to create State Banks if the "too big to fail banks" refuse to
change.
Are there any money lenders that are willing to do an honest
business and treat people fairly? Let's see if we can find some and change who
we do business with and the arrangements that are destroying lives and our
country.
Are there any money lenders that are willing to do an honest
business and treat people fairly? Let's see if we can find some and change who
we do business with and the arrangements that are destroying lives and our
country.