Article Image Ernest Hancock

Letters to the Editor • Housing

How to keep $500,000

 It is very simple.  Cut your interest payment on the home you are paying on. When you purchase a house for $200,000 you agree to pay over thirty years at five or six percent interest.  This means you agree tp give up $400,000 to $500,000 of your income above the principal amount that you bought the home for.  It means you have agreed to spend a half million on interest to the bank, that if you had to invest could have made you a million dollars in thirty years. I suggest you look at you home loan monthly payment, look at the interest amount youy pay monthly, divide it in half and think what you could do with $500 of you hard earned money each month.  The best way to end the economic problem brought on by the banks is to force them to take a loss on that interst payment and cut the principal of each loan by one third.  This would mean with out increasing your pay you would have extra money in your hands that was being used to keep you in debt. Finally, if the banks are being given billions of your money it is time you were given a small chunk of change for having to pay the billions your government is giving away! Middle American.  scare the two political parties in 2010 at the elections put Middle American on you ticket. Casey

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