Lou La Gatta

http://money.cnn.com/galleries/2009/real_estate/0910/gallery.housing_price_forecast/index.html

Once again our banks are working against providing any assistance to homeowners whether it be in the form of loan modifcation or short sales. They simply refuse to comply. Check out this NY Times article: http://www.nytimes.com/2009/07/11/business/11nocera.html?_r=1&ref=todayspaper

It seems to me that a strongly monitored system of reward or penalty must be defined and implemented. The banks should be rewarded or penalized based on their perfomance with distressed homeowners/borrowers. It seems the only action they are committed to is foreclosure.

http://www.bloomberg.com/apps/news?pid=20601213&sid=afOsHVj02UMc

The behavior of our banking system is appalling and, at this point, un-American. Uh-oh! Un-American is a mighty strong statement. Indeed it is. The banks are holding our economy hostage and the ransom they are demanding and receiving is crippling our economy with repercussions we will feel for many years to come.

Back in February I wrote a blog about how the credit card companies are killing their golden goose - us.

Here's a link to that article:

http://www.marinrealtygroup.com/insight-to-marin-real-estate/hey-credit-card-companies-ever-hear-of-the-golden-goose/?preview=true&preview_id=161&preview_nonce=eb24a1a406

and here' s a link to an article that shows the mounting debt, rising credit card interest rates and unemployment are making it impossible for many to continue paying their credit card debt. With the current behavior of greed and abuse by the credit card companies we can expect to see many more personal bankrupcies.

http://money.cnn.com/2009/07/07/pf/consumer_delinquencies/?postversion=2009070711

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