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GEITHNER TOXIC ASSETS PLAN IS FLAWED

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GEITHNER TOXIC ASSETS PLAN IS FLAWED

OBAMA ADMINISTRATION IS GOING THE WRONG WAY.

Secretary of Treasury, Geithner's plan does not help the multitudes with the toxic assets.  Geithner was raised and taught about the same system that brought on the toxic assets; he knows no other way.    Now he wants to put those toxic assets on the backs of the taxpayers so he can give the banks more money to repeat the same system.  We are going the wrong way.

 

His plan as outlined on Sunday, March 29, 2009 news programs has investors gambling five (5) million dollars; the Feds also gambling five (5) million dollars,  and the FDIC (Federal Deposit Insurance Corp) putting up sixty(60) million dollars to purchase $100,000 face value mortgages discounted to a cost of $70,000.  The toxic assets are still overpriced homes in the hands of people unable to pay the mortgage.   If the houses that were mortgaged for $100,000 are now only worth $70,000, no buyer or bank will buy or refinance that mortgage at $100,000; all lose, including taxpayers.

 

Our bank system adds at least $462 a month to the cost of a $100,000 mortgage (assuming a steady 5% interest and % Fannie Mae insurance charge.)  God warned against debt, interest, insurance, gambling, seeking riches, honor and pride in all holy books.   The banks or investor can erase the interest charges; instead charge a small monthly handling fee.  That decreases the cost of the mortgage by about $462 a month ($5,500+ a year) for each $100,000 value. making more people able to continue in their homes   There is now great incentive to stay in the home if possible; or the opportunity to refinance or sell.  The value of the house increases and an investor or bank without government intervention taking some of the profit has a better investment and is not under God’s condemnation for oppressing the poor.  

 

Commercial loans, credit card debt and auto loans, etc. can benefit from this change.  People can return to saving for purchases after they have paid off their debts.  We can become strong again, a better way; the world will follow and we can use our money more wisely in the future.

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Marie Devine   3023 Montgall Ave   Kansas City, MO, 64128-1527  USA

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