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Citizen-owned 4% mortgage banks can solve our financial problems
I want you to Start A Bank
If various people and groups of people start pro-bono banks for the sole purpose of providing
4% home mortgages, I think that will solve our country's financial problems.
Since it is very easy to start a bank in California, why don't we try to publicize that? I assume
most States have similar laws.
There are three enormous benefits.
1) Home buying will be affordable to way more people.
2) The bank owners will make tons of money --- because they are essentially getting
40% interest on their invested capital (assuming a 10% fractional reserve). That 40%
return can be partially (50%?) or wholly reinvested for the public good.
3) The creation of new money will be put in the hands of the public -- with natural checks
and balances established by Congress, in accordance with the Constitution.
No new laws or government action is needed -- existing laws cover every detail.
The essence of the banking laws are available on this website.
This is the California Government site for the California Financial Code
<< http://www.leginfo.ca.gov/cgi-bin/calawquery?codesection=fin&codebody= >> Government site
I am guessing that every Credit Union in the country will be interested in opening
a mortgage bank for the common good.
Please respond -- I see no drawbacks. Am I missing something? Shall we cooperate? (mrc)
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