Hey, Mr. President, How About a Holiday?

However, the bank needs to continue to recoup the interest, in order to be able to meet the demands of those who hold savings and checking accounts with the bank. The interest the bank makes on loans and mortgages minus the interest it pays on deposits and CDs is how the bank makes a profit.

Wouldn’t someone associated with a magazine called “Enterprise” know this?

Only one year? I can top that. How about universal mortgage forgiveness! Everyone gets to stop paying their mortgage right now without penalty.

What that’ll do is free up banks and mortgage brokers to write new mortgages for all those who couldn’t qualify before.

Everyone gets a home! For FREE!

That’s a great idea, except for the history of contract law that we have in the US, with roots in the common law dating back to the Roman Empire.

Only the mind of a black man could think that getting into MORE debt (i.e., adding compounded interest to the balance without a reduction of principal) is equivalent to increasing financial health. They are just incapable of thinking beyond today.

They already have this kind of mortgage. It’s called an Option ARM. And they’re going to blow up big time within the next 2 years. The only thing original here is that William Ballentine Is proposing turning all mortgages retroactively into Option ARMs, so they’ll blow up REAL GOOD.

I suspect that Mr. Ballentine’s employer is somewhat distressed by this recession. So let’s make paying the salary of Mr. Ballentine optional this year. His employer can pay it next year if he feels like, with accrued interest. I’m sure Mr. Ballentine will understand.

1:- Of course it must be voluntary! 2:- Anyone already three months in arrears with their mortgage payments requires some immediate and in-depth financial advice and would not be in any position to take advantage of this ‘holiday’. 3:- What would make sense is a break from repaying the principle whilst continuing to pay interest, including that accruing on a compound basis during the ‘holiday’. Such ‘interest-only’ loans are by no means unusual as the principle is recouped by the lender on sale of the property before the balance of the purchase price is received by the owner. This only works on a rising property market and is otherwise disastrous simply because of the resulting negative equity. In short, Warren Ballentine knows nothing of the subject. Perhaps his future in promoting ‘Black Enterprise’ should include the AMREN story about White people being robbed of their vegetables from garden patches in Detroit and should remind him and his listeners/readers that there are other issues he should be addressing, such as theft versus honest toil.

Sounds a bit like Obama’s way of thinking. I can’t imagine how many hairbrained ideas HE will come up with in the next three and a half years, that will allow people as well as the country as a whole get into more debt. You should look at some of the black mayors across the country, a little power goes right to their heads. And what is the old saying? “Power tends to corrupt, and absolute power corrupts absolutely”
An even better one, perhaps is: “Unlimited power is apt to corrupt the minds of those who possess it” So, true!

“The banks will not lose a dime. In fact they will make more money over the course of the loan with the extra year of interest”…

As a financial consultant this is the most ridiculous thing I have ever heard. How does paying the banks more money in mortgage interest help homeowners? You want to pay off your mortgage as quickly as possible. You want to pay as LITTLE interest as possible. You want higher and more frequent payments.

I get the impression that Mr. Ballentine is doing the bidding of unscrupulous lenders. We have a lot of those, now that the banking industry is dominated by non-traditional Americans.

Right now on Amren, there’s a story about black publications on the verge of collapse. After reading Mr. Ballentine’s article, I do not have to wonder why.

There are, by the way, homes all over America, selling for hundreds of dollars. Hundreds. Cheaper than a single mortgage payment on most new homes. Why can’t people move into those, if they can’t afford their mortgage payments?

My family has been making do with ‘fixer uppers’ for generations. Why can’t minorities do the same?

How about a Holiday from Obama’s face on TV?

Poster #3 said “except for the history of contract law that we have in the US, with roots in the common law dating back to the Roman Empire.”
These are the roots of OUR society not the one Blacks feel a part of. As far as most White liberals are concerned, Romans were evil oppressors just like all Europeans; there laws must be evil too then! And we all know how Blacks feel about laws.
I think more Whites are waking up to the fact that racial policies played a HUGE role in this housing catastrophe we’re suffering through.
Whites and Blacks and Hispanics must have identical rates of home ownership or else there must be evil racists running the banks which means the government must FORCE them to make more loans to minorities. OF course we all know the real reason home ownership rates vary among ethnic groups….