An Even Playing Field
PB&J strives to dispel myths and bring clarity to lies of omission that surround housing debt and the money created for housing debt. In doing so PB&J desires to inspire a push for the addition of a National Home Lending Bank (NHLB) that will rival the Federal Reserve.
PB&J believes that a world monopolized by private banks needs the competitive spirit this publicly-owned bank will invoke — fair compensation for delivering the largest economic driver the world has ever seen — the modern day housing market.
We at PB&J will show that home ownership can become affordable at all income levels. Public ownership of affordable home mortgages provided by an NHLB will in effect be holding the deeds of the nation’s homes in trust. This trust will backed by the the full faith and credit of our government. This type of public banking relationship directly ties the public’s ability to work and pay for homes to the governments ability to print money on demand.
Once this official partnering between government and the public’s home equity is established a new type of sovereign debt automatically comes into existence. Creating this new sovereign debt that is tied to the public through housing — independent of the Federal Reserve — establishes a new and organic check-and-balance that helps separates high-stakes speculative investing and basic-need investing. PB&J believes this is a better solution to the problem than the Dodd-Frank amendments to the law that are struggling to address this issue.
The Federal Reserve, Too-Big-To-Fail Banks, and Wall Street’s secondary mortgage market have lost sight of their fiduciary duty to the public in their pursuit for profits. Their record speaks for itself. PB&J has found much room for improvement and will be making detailed suggestions that promise overwhelmingly better results from the nation’s housing dollars.
Eliminating all artificial barriers to home ownership goes a long way to fulfilling a bank’s fiduciary duty, as does profit-sharing with any excess money collected from home mortgage payments. A National Home Lending Bank can fund housing and return funds to homeowners, all this being done much less expensively and in a safer and sustainable manner than what is being done currently.
Collecting mortgage payments and holding title to mortgaged homes as collateral is as safe as lending gets. Therefore, PB&J identifies sovereign debt as a perfect alternative to the current wasteful and dangerous home lending practices. Never selling home mortgages to investors will keep money spent on housing circulating among the general population and only a NHLB can deliver on this promise.
Public input will be the final abettor regarding the structuring of the NHLB. Leadership will most likely need a strong mandate from the people before they gain the will to act. PB&J can’t do this alone, the internet can cause ideas go viral. The goal for this new bank is not just affordable home ownership but public participation in money creation. Only a consumer-friendly like the NHLB will make home equity pay homeowners, not cost homeowners.
We at PB&J look forward to examining the possibilities of universal affordable-home ownership and inclusion of the general public into the world of money creation that this endeavor will require.
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