Dear Mr. President,
As you know, the Republicans have been peddling a 4% mortgage Ponzi scheme that's the modern day version of "40 acres and a mule" - it's every bit the false promise that dashed the hopes of ex-slaves after the Civil War. Conservatives didn't come through then and they won't come through now for tens of millions of modern day "debt slaves."
You have the power to free the Comptroller of the Currency of the Department of Treasury and the Federal Reserve Board from their slavish control by the Banking and Credit Card Industries and direct them to change how the credit of potential borrowers is evaluated.
In other words, either replace or change the FICO credit scoring system in ways that allow the true strength of borrowers to be considered, but still protect lenders. Fannie Mae and Freddie Mac could then become part of a realistic and prudent solution.
This would make many more people eligible for good, low-rate fixed home loans and help stimulate the economy.
And just as Republicans want to give a payroll tax holiday to employers, a one time holiday could be given to people who recently lost their homes in foreclosure (or lost their jobs) so that they can restore their credit and get a home loan that they can actually afford this time, rather than the subprime garbage offered in previously Red-lined communities by predators who played by the rules Republicans and conservatives helped create in the past. That too would expand the market and stimulate demand, construction, and job creation, allowing more people to build wealth and participate in the American dream.
That's a win-win for all of us.
And while you're at it, break up the monopoly of the Credit Card industry and the usurious rates they charge that have made debt slaves of so many of the people and contributed to the crises. It's time they put country first. These rates need to be fair. If they were, people would be freed from debt slavery and be able to quickly spend money and pump up the economy.
The banks and and credit card companies have taken hundreds of billions of our tax dollars and given billions in bonuses to the people who brought us the crisis. And now they're the ones with the highest FICO scores who can get the best loans for themselves while the rest of us are lectured to by Republicans to "play by the rules" even as they try and block rules that would limit these bogus bonuses.
"We the people" are now "we the shareholders" whether they like it or not. We are also the government and we deserve nothing less then to be treated as credit worthy and deserving not only of credit on reasonable terms, but as true shareholders who share the profits, not just the losses of the Banks and the credit card divsions.
Mr. President, we are here to work with you to create "a more perfect Union." If you lead in this area, we will follow. Please give us the tools we need to do so.