Carl Herman, Contributing Writer
Leading author Ellen Brown explains in the video below with Jeff Rense how public banks (and here) can expose the big banks as having destroyed legal title to mortgaged homes when they gambled with so-called “mortgage backed securities.”
Through public banks, these homes can be claimed through eminent domain, then be rented or resold within their communities rather than be left empty, destroyed by vandals, or profit the banks that destroyed title. Another advantage of public banks is at-cost credit. Three examples of its benefits:
- They can lend to itself for infrastructure investment rather than sell bonds. This eliminates the typical 50% nominal cost increase by having to fund infrastructure through private debt.
- At-cost credit can provide 1-2% mortgages, reducing current nominal mortgage costs by nearly half.
- Public mortgages could supply all needed local tax revenue.
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