The fastest way to turn around the economy and build personal wealth in this country is to change the mortgage-lending practices.
I suggest no more than 50 percent of one’s mortgage payment go to interest. A mortgagee now can make monthly payments for years and years and never gain one cent of equity in their homes.
A house is a hard asset and it will gain in value over time, unlike a new car, appliances or business equipment that depreciate and will wear out over a short time.
Changing the home-mortgage structure as I have suggested will build the personal wealth of Americans like no other economic stimulus has ever done while at the same time creating a boom in the construction business not seen since the end of World War II.
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Pretty much a win-win situation.