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Posted by Minister C.J. Di Donna on November 4, 2008, 11:14 am
64.12.116.142
I sent this message to the Democratic Presidential Candidate Barak Obama.
The 700 Billion Dollar plan will do nothing to help those American familie's through-out our nation who are on the threshold of foreclosure. The first thing (in my opinion) for President Barack Obama to do once he is in office is to mandate that all sub-prime ARM Negative loan's on a home where the interest (for those who could only afford to make the minimum payment's) is deferred against the equity of a home (where in several years the bank has not only accumulated 10's of thousand's of dollars on only interest from the sweat, tear's & blood of these American's (who by the way many have young children) forcing these families into forclosure because the interest rate's to these loan's rose so high that it was impossible for them to make the payments & at the same time all of the accumulated deferred interest from the minimum payments surpassed the value of the home where in my opinion the bank becomes the owner of the home & it didn't cost them a cent & at the same time made thousand's of dollars from the minimum interest payments from those hard working American families who could only afford to make the minimum payment no longer have a home!
It's evil!!!
I do hope that once you become our next President that the first thing you do in office is to mandate by Executive Order (and not leave it up to the lending institution's or bank's of our nation to do the right thing because they won't & the reason why as I write this to you home's are being forclosed at this very moment) to stop this deferred interest & set (for example at fixed interest rate at 6% and stretch out the loan for 40 or 50 year at at fixed rate) that remains constant from month to month. This will allow the payments to be smaller & affordable for those who have these ARM Negative Loan's (which is the main reason why people are being forced into forclosure) & allow them to stay in their homes with their families etc. Let's face it. The bank will get the full amount that was lent out in the end. Help these American familie's who need your help in their moment of tribulation.
In my opinion, "We the People" who do not have high paying jobs should be granted the right to borrow a low interest home mortgage loan based on income directly from the Federal Reserve Bank which should be nationalized for the people of our nation who for to long have been enslaved by bank's and lending institution's by high interest rates on money that they receive from the Federal Reserve Bank which might have spared the grief for the children of Sergeant Andrew Seabrooks of knowing that their father died in Afghanistan because he needed the money to stop a bank from taking their home away from them due to foreclosure. I also believe that the mission for Fannie Mae & Freddy Mac should be changed to handle these loan's (where these loan's can be processed & payments from homeowner's are sent to etc) once the Federal Reserve give's them (not lend them) the money to those American's who through no fault of their own are not wealthy enough to put down 10 or 20% downpayment for a home that make below (for example$50,000 a year etc.) a fixed affordable rate (4 % ( which would not only keep families in their home's but leave them with extra money to spend in their own communitie's & that is what I call a Stimulus Package.
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