Banking crimes and abuse will increase until the American people stand up to them. Simply moving money to other banks is not a threat, but laws that demand accountability will penalize them, and will everyone else.
The American people have great power when they stand together, and this petition tells Congress that they work for us. It gives them clear demands that help save the U.S. economy and every person threatened by financial disaster. The ongoing Recession was caused by banking corruption which created the housing crisis, and fixing that is the only way it will end.
1. must issue new mortgage loans based on the current value of homes and businesses.
2. can’t charge more than 3% for new mortgage loans or refinances (commercial loans 5%).
3. must offer 40 year loans (30-year commercial loans).
4. can’t use credit scores or bankruptcy information, since their fraud caused the damage to credit.
5. can’t charge more than $1000 total for all loan fees.
6. can’t ask for a down payment exceeding 5% of the purchase price.
7. must use either a straight line or simple interest schedule. (Owners pay 3x more in interest).
8. must pay for their own mortgage insurance.
9. can’t charge late fees exceeding $100 per month.
10. must not be allowed to begin foreclosure until the owners are six months behind.
11. must return all homes foreclosed on since 2007 to the previous owners* since the banking scam was premeditated fraud, in the condition they were in when foreclosed on. (*minus previous compensation.)
Bankers have created massive wealth, but their greed comes at the peoples’ expense.
These laws will make loans available to most people, and yet banks will still make a decent profit.
These laws will change banking from a system that rewards career criminals, to one that rewards good banking.
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