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OpEdNews Op Eds    H3'ed 6/11/09

NATIONALIZE HOME LENDING - Treasury Direct, No Debt-Money, Home Loans -

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Message Kent Welton

- Treasury Direct, No Debt-Money, Home Loans -

       The home is the building block and bedrock of society. People from time immemorial have contributed to building one another’s abodes. Barn-raisings have always been a community project – it’s what good people do.
       In 1913, however, we lost control of our banking and monetary system to powerful private interests and from that time the predation, usury, and financial panic and ruin began – only to be repeated time and again due to a profit-driven, debt-money, private banking system destroying our lives, economies, communities and the public interest.  Today, even the Fed has now lost control of mortgage interest rates and foreign bank libor-set rates.  In short, we don’t own our homes or control our credit or interest rates – this is the worst of worlds.  
       To avoid further catastrophe today we need to take the home loan system out of this predatory, for-profit, commission-driven, gerry-rigged, setup before the foreclosed begin to riot in the streets and, in response, a cruel fascism descends.
       As the founders intended we can create our legal-tender money (not based on debt and interest-bearing bonds) to make home loans thru existing banks and credit unions – the only difference being the source of funds, the rate and terms, where the loan stays, and far greater penalties for fraud and abuse.
       We can make stable, three percent, fixed home loans with treasury-created funds which support, rather than undermine, a consumer-based economy. We can provide for loan payment postponements in event of job loss. We can use the interest paid back to our treasury to fund more home loans, and even pay down government debt. We can act like human beings... when we, the people, control our monetary system and the very bedrock of our society and economy.
       We’ve already guaranteed home loans and spent huge bank bailouts with our taxes and debt-money servitude, but all without regaining control over our monetary system – as in taking back the stock of the "Federal" Reserve.  In any case, we can and should separate commercial banking and home loan banking at this juncture. Only then can we proceed to unravel the idiotic, utterly confused and incredibly costly state of securitized home loans.
      The only way to clean up the home loan mess – the basic problem in our deeply depressed economy – is to nationalize the home loan system. We can then stop pretending that Fannie and Freddie are private companies and proceed to take over what we have already guaranteed and bailed out.
       Instead, in a bout of incredible stupidity, perfidy, or naivete we are still waiting for private banks to do the job that they, as private-profit seeking entities, will not do while acting in their own interests.  Yet we are already paying while gaining no control and ownership over our future – so Congress, get on with it!.
      What community wants to see families put out on the street? What nation wants to profit from its citizens misery? Yet this is the very system we are trapped within and which "our" representatives have yet to do anything about to assist our escape from this banking thuggery and thieving oligarchy within our pretend democracy.
      The cruel and unusual lending policies we suffer under mean that, with current interest rates over time, we must pay for our houses 2-3 times over! Worse, when we are forced to move for a job change (due to "free" trade) we must re-wind our equity buildup clocks to zero. Our equity buildup is not portable so we get screwed every time we must move or borrow and refinance to stay afloat. This is savage and endless debt slavery. This is criminality. This is private central banking.
      Look at the families in the streets, living in their cars. Look at the divorces, the heart attacks, the suicides and the kids lives turned upside down. Look at a great nation being destroyed by oligarchic economic policies the vast majority would overwhelmingly reject – if we had a National Initiative process to override "our" representatives corporate-fed fascism.
      This system is indeed savage, cruel and unusual. This is "free market" fascism of the worst kind... and we need to bring it to an end.  Congress must hear from us all and take back control over our monetary system. We can start with massive home loan refundings thru a nationalized home loan system. Only then can we resurrect a consumer-based economy and a trampled democracy.
      Listening to a corporate-owned media you would think that a private central bank system and predatory home lending process was our only choice.  So... a corrupt and cruel debt-money based "free market" is somehow our only home loan option and reason for being?  Nonsense.
      Clearly, we’ve been brainwashed and imprisoned by capital’s economic dogma, and by historic banking families and their "Fed" and media.  For their many crimes and "mistakes" for which we are now paying with our lives and futures, it is time they were imprisoned by the people’s will. It is time for the people’s representatives to gain the courage of the founders of this nation in restoring the "purse powers" we inherited and have lost.
       It is time we, the people, control our home loan system and free ourselves from a private cartel's debt-money servitude.  We owe it to ourselves... and the founders intended it that way.

Kent Welton, 

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