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00h UTC; SATURDAY, 12 JANUARY 2013: By now, you've probably heard about where the Federal Government, in the interest of avoiding a reprise of the same brand of reckless and misguided mortgage lending as worsened the financial meltdown which Bush the Younger's warped and perverto ideology made all the more likely, has issued new guidance to banks and home mortgage lenders as in essence tightens the bar for home mortgage lending.

Said restrictions, especially such which mandate that an intending borrower's debt obligations cannot exceed 43% of monthly income, could actually serve to prevent the Lower Classes from home ownership consistent with the very doctrines and disciplines of ekonomesie vryheid met Amerikaanse eienskappe intertwined with Our National Character and Identity as a Sovereign Peculiar Among the Nations. Said disciplines revered all the more deeply and dearly by the same specimens of uber-conservative Zealotry and True Belief as regard the aforementioned Lower Classes (the "REAL AmeriKKKan," as it were) to be Threats to Morals, Decency and Common Sense for their Reckless and Utter Disregard for said ekonomesie vryheid, &c., as is expected to be their Great White Father, Saviour, Eternal Hope and Guiding Star, Dear and Loving Father and Teacher of the AmeriKKKan People and Nation, &c., &c., rivalled only by the titles North Korea has applied on "Eternal Leader" Kim Il Sung and "Eternal First Secretary" Kim Jong Il (mostly for propaganda purposes).

And remember, it's these same twisted specimens of conservative thought whose idea of "nation" seems to be predicated on the ideal encapsulated in the white-supremacist acronym ORION ("Our Race Is Our Nation"), never mind such being a twisted conflation in and of itself ... itself reinforced by the doctrine that "every Nation is founded upon a Country allocated it by Yahweh God."

Meanwhile, have they considered the likelihood that the same Protective Hand of God Upon Our Dear Lovely Nation, Which He is Preparing to Withdraw Without Prior Warning for Our Straying From His Divinely-Ordained Will and Predestiny as a Nation, may really be the same Invisible Hand of the Marketplace they claim is essential to Our National Character and Identity as a Sovereign Peculiar Among the Nations by His Grace, Favour and Mercy?

Which has Your Correspondent perhaps being the first to suggest, in the face of such adverse designs which seek to reduce the "REAL AmeriKKKan" to a second-class citizenship such as Nazi Germany entitled the Jews and other "undesirables" and apartheid South Africa upon blacks and "coloured" persons (as the regime saw those of biracial origin, notwithstanding the Indecency Act's proscribing interracial carnal relations), returning to the past so idealised and cherished by these same specimens of conservative Zealotry and True Belief as a channel by which the Lower Classes could help achieve home ownership through thrift.

As in an embrace of the classical building society model and concept, especially the model whose primary savings vehicle was Monthly Installment Shares: Usually offered serially once or twice a year, such shares were a form of "save as you earn" in which society members agreed to pay subscription of $1/share/month over a course of years, with repayment once the subscriptions and dividends on said shares reached $200/share. Such a plan was still being used by privately-insured building societies in Pennsylvania and Delaware well into the 1990's, as a matter of fact, and was actually defended as ensuring a conststent, steady stream of funds for to make mortgage loans available.

Some such, additionally, also offered Paid-In Shares, sold anytime at $50/share and paying a higher dividend rate than the Installment Shares; basically a precursor of the Certificate of Deposit, but with the option of redemption and cashing out at any time.

In line with Yogi Berra's observation that "a nickel ain't worth a dime anymore," perhaps the schematics on the Installment Shares should be tweaked so that the monthly subscription is at least $10/share/month, with repayment once subscriptions and dividends reach $2,000/share ... and the Paid-In Shares should be priced at $500/share.

Either way, such an approach may want to be pondered over. Especially should such a new generation of building societies be required to participate in a scheme not unlike that of the Co-Operative Central Bank of Massachusetts with elements of the Credit Union Leagues, owned by and among its member societies, to provide a liquidity and reserve fund to ensure the stability of said societies, help promote affordable owner-occupancy housing and promote the establishment of said societies in especially culturally-deprived environments.

Who's with me here? Or what otherwise intervenes?

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