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Loan Modification
: Mortgage Lender Implode-o-MeterWashington State Joins the Movement for Public Banking
By Implode-Explode Heavy Industries
Bills were introduced on January 18 in both the House and Senate of the Washington State Legislature that add Washington to the growing number of states now actively moving to create public banking facilities.
The bills, House Bill 1320 and Senate Bill 5238, propose creation of a Washington Investment Trust (WIT) to ?promote agriculture, education, community development, economic development, housing, and industry? by using ?the resources of the people of Washington State within the state.?
Currently, all the state?s funds are deposited with Bank of America. HB 1320 proposes that, in the future, ?all state funds be deposited in the Washington Investment Trust and be guaranteed by the state and used to promote the common good and public benefit...
This is not a panacea, but removing the management of banks and profits derived thereof from Wall Street is a big step forward.
Full post as published by Mortgage Lender Implode-o-Meter on January 24, 2011 (boomark / email).
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