Healing Hour  

Written by Natasha Fabiene 

We as Americans are the foundation of our banking system and government. Right now, they are both breaking our backs! As Americans we are being robbed of the basic essence of life, while congress debates and debates a solution to our economic problems, a solution that is as simple as an 18 wheeler truck stuck under a bridge. (Someone just needs to let the air out of the tires and allow the truck to move forward.) 

America has become emotionally and financially depressed, it’s as though we are trapped in an abusive relationship with the banking industry and our government has become an enabler. Our government has assisted in creating giant egos and a sickening sense of entitlement which has bred contentiousness by allowing banks to think they are to big to fail but allowing millions of American’s to fail.  

We have been asked to have faith in our government and trust everything will be ok while our neighbors go without the necessities of life, endure homelessness and lose all they have worked for. Those who can least afford to lose have lost the most in this economic mess. We do this in a nation which is considered the richest in the world. The absolute best?  

Last year we were forced to watch as our tax dollars were given to banks who claimed to be on the verge of collapse, however they could find it in their budgets to continue to pass out lavish bonuses to CEO‘s of not only non performing companies but companies who were out right losers. They found funds to purchase airplanes, naming rights to stadiums, lavish office renovations and throw extravagant parties. All at the same time, taking tax payer dollars to save their companies from collapse. Let’s not fail to mention this money was given without accountability, with our government willing to absorb an additional 300 Billion dollars in losses for Citibank even though Citibank has lost billions of dollars in the last five quarters and demonstrated itself as a consistently non performing entity. 

The major obstacle these banks face in allowing people to get loans is we are still dependent upon a credit system which may have worked well at one time, but is no longer a fair assessment of people considering our current economic climate. Banks have even tightened the credit restrictions which are forcing businesses to close and resulting in more jobs losses. The current system can’t stop the foreclosures which is the root of our problems. Even though banks received this capital the funds cannot be passed on to people who need it because we have allowed this economic crisis to go on for too long. No one qualifies for the new loan products.  While it is a start and a small gesture, a more aggressive approach is needed.  

Our government has home buying programs such as FHA/HUD which are underutilized.

Expanding these programs would be a way of creating competition for banks as well as stimulating the economy by creating what is lacking in the banking industry. An opportunity for citizens to pay a fair price for their homes. Our congress has a responsibility to protect the rights of all citizens and a simple addition to the Home Owners Protection Act of 2008 would make this possible. For example: a loan on a home which is your primary residence and the value of the home is now worth less than the balance of your loan would create eligibility. FHA/ HUD could permit people who have owned their homes for at least a year to refinance their home at the new appraised value with a fair 5% interest rate. Reducing the amount of a family’s mortgage on a monthly basis, gives people more money to spend on other things. Banks would not have an option as to the amount they would accept as a payoff, which could not be more than the new appraised value because they have already participated and received TARP funds. Creating this scenario gives banks competition and incentive to work with their clients and the interest generated from the FHA loans give our government a profit to use to meet other needs.  

Since this program would not be credit driven it will be non discriminatory. Our current credit rating system has not changed with the times and is not logical as it does not consider the worst of economic times. Preventing homeowners from refinancing property they own based on our current system is a perfect example of our banking industries limitations and our government’s failure to examine the needs of the people. We need a new system which even if temporary, can benefit public interest. At this immediate time is necessary to stimulate our economy. If people could refinance their homes at a fair price then we will have the money to spend on essentials and extras. Such as new cars, energy efficient appliances, college.  

President Obama, we appreciate you and all you are trying to do for our country but as a single mother I have instilled an expectation of the spirit excellence in my children. It hurts the heart to look at the major news networks and see nothing but despair, suicides, reports of homelessness, and heartbreak while corporate executives are living it up at our expense. I teach my children to be their best and do their best and instill in them that they live in the best country in the world. We claim to have the best military and the most brilliant minds in the universe at the same time we are failing morally as a people and a country. 

Many concessions have been made for the banking industry. An industry which has been unregulated and has the world on a hi-jacked a ship to nowhere. Their assets have been written down but their salaries haven’t. These are the same assets for which we are paying admittedly inflated prices. There has been no mention how many insurance claims these banks are making and profiting from the foreclosure crisis as many homeowners have Private Mortgage Insurance (PMI) in their loans which pay lenders for homes lost in foreclosure. 

The American people want to work; we are not looking for government handouts and subsidies. We as Americans like to work hard for what we want. Americans would like to build and buy American to support American interest. We cannot do this without America supporting Americans. 

PLEASE MR. PRESIDENT, LET THE AIR OUT OF THE TIRES. SO WE CAN MOVE FORWARD! 
 

Contact Info: Natasha E. Fabiene

3068 Cotton Indian Circle

Ellenwood, GA 30294

Phone 770-374-1456