Big Bank Bonuses!

Let me start by role playing the part of John McEnroe on the National Car Rental commercial "The 6 largest banks are expected to payout over $150 Billion in Bonuses this Year? YOU CANNOT BE SERIOUS!!!" The same 6 largest banks that hold the majority of mortgages on the 16 million homes whose borrowers are underwater!! Don't these Pompous A-Holes Get it. The American people are pissed off and well we should be. The Banking Association complains that the Government is trying to overregulate thier industry and they should let free market enterprise take care of its own. Trust me, I am all about free markets and the competitive environment that it produces but you people need to wake up! How about paying bonuses to the homeowners who truly want to stay in thier homes and be responsible for payments they can afford to make based on what thier home is actually worth. But wait,this program already exist. It's called H.A.M.P., Home Affordable Modification Program, and the Treasury Dept. allocated $75 Billion in funds to be intiated by lenders for this program to work. So far, .02 percent of the money has been paid out. That's 116,000 homeowners out of the 16 million that actually need the help. Note to Bakers: Stop Hurting and Start Helping the American Homeowner and maybe we will begin to trust you again. MAYBE!

Dave Liniger is Right!

At a recent Five Star Government Forum in Washington D.C.,Dave Lininger,ReMax International Chairman and Co-Founder,urged government and economic leaders to push lenders to release foreclosures to help speed the economic recvory. Dave pointed out that with the Homebuyer Tax credit, still avaialble thru April, driving buyers to the market you have a limited window of opportunity to get these homes sold. He's right and I would add that getting these homes on the market now and getting them sold will help get rid of these distissed properites so that the maket can begin to stabilze and eventually see appreciation again. Of course,this would be the right thing to do. That's the problem: lenders have demonstrated they have no clue on what the right thing to do is, only on what puts more money into thier pockets (ie-bonuses)and takes it out of ours.Great idea Dave! To bad to won't happen.!!!