Home mortgages are the backbone of this country

From : http://www.primeronmoney.com/homemortgagesarethebackbone.html

Home ownership is the backbone of this country.

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There is no shortage of money

There is no shortage of demand

There is only a shortage of national will

And a shortage of supply -- 10 million homes?

Our government should pass laws that will prohibit mortgage-issuing banks from selling off the loans
they provide for mortgages. That will insure that the lenders want the loans to succeed and be paid off.
It will make sure that the lenders are prudent. That should stabilize the future housing markets by removing
the temptation to “bundle” mortgages into strange financial instruments. The lenders will have to learn
to live on the interest from their loans. That should not be difficult -- it was always the way things were
done in the past. Had that been a law 10 years ago -- our banking and money collapse would probably
never have happened -- the old-fashioned system of house mortgages would have essentially guaranteed
good loans by a vigilant local-bank system of lenders.

Lending banks must have all their skin in the game -- that will tend to keep them prudent and honest.
The formation of Freddie Mac and Fannie Mae (they were formed to buy loans from banks) was, in our
opinion, probably the biggest domestic management blunder of the Federal Government over the last
50 years. We believe that fact led directly to the current (early 2009) economic meltdown.

See “Downside Leverage” -- It tells how lending leverage works to keep lenders honest and focused
on their main responsibilty.
At http://www.primeronmoney.com/downside%20leverage.html

The current problem started when the “shadow banking and investments firms” got their grasping hands
and conniving brains on regular mortgages and morphed them into exotic financial instruments that
nobody understood.

See “How home loans in the 21st century are supposed to work and how they really work” --
at http://www.primeronmoney.com/homeloansinthe21stcentury.html

1. Mortgage problem -- 2007 sub-prime mortgage problem
http://www.primeronmoney.com/2007subprimemortgageproblem.html
2. Mortgage problem -- “The One Root Cause Of The Mortgage Market Meltdown”
http://www.primeronmoney.com/onerootcause.html
3. Mortgage problem -- This 2008 lending meltdown is ridiculous
http://www.primeronmoney.com/lendingmeltdownisridicuous.html
4. Mortgage problem -- The 2008 financial meltdown seems to have two causes
http://www.primeronmoney.com/creditdefaultswaps.html
5. Mortgage problem -- 2008 (March) Financial System Problem. What happened?
What should be done?
http://www.primeronmoney.com/2008%20financial%20meltdown.html