The following link is from the Insurance Information Institute. Click Here
Their Financial Services Handbook includes all of the mortgages held in the United States by all kinds of different demographics. It is clear from these stats that the total of all residential mortgages in existence amount to less than $12 trillion.
The big question is why we the American taxpayers have to give a few banks more money than all of the financial institutions hold in residential mortgages so that they can continue to charge us interest on these mortgages. The logic escapes me completely.
The Obama administration is doubling the amount owed by the American public in home mortgages. Why not just pay off the mortgages in default. According to the Financial Services Handbook that would only be 1 in 171 or 7 tenths of 1 percent of all of the mortgages or approximately $65.4 billion. Once these bad mortgages were paid off we could just let the banks survive or fold depending on their balance sheets like any other corporation.
Think how we could restore and modernize our crumbling infrastructure, solve the healthcare problems, increase Social Security benefits, reduce the retirement age to 60 and just about anything else you would like to add to the list with the nearly $12 trillion left.
It is really time to write or call our members of Congress, our Senators, state and local leaders, newspapers, talk shows and any other legal means of being heard to get this message across. Once this money is given to the banks, it will be too late.
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