The religious community, is reportedly moving into the housing crisis, to encourage banking executives, to freeze the
foreclosure process, in the affected communities. Bank of America
announced that they would comply. Thank goodness for sensibility.
My thought would be, not that anyone is listening, but how about a freeze first, then take the appliciable mortgages, reappraise the homes under the current market value, rewrite the mortgage for those who can pay, let the bank take the hit for the difference, since the government is infusing capital, and allow the people to keep their homes. The financial institutions granted the faulty loans, the people were willing to undertake the mortgages, then the monthly cost exploded, now the bankds should, in my opinion, bear the blame and eat the loss, since they took the fees and points. The counties and cities will be more devastated going forward, if the foreclosures continue, so let's step up to the plate. Using that seven hundred billion dollars to purchase addition banks, is just more of the same, me first attitude.
Stocks are trying to make a comeback here and across the seas, news that the first infusion of cash into the banking system, took place on Monday, gave some investors a little relief. large gains in Asia and Europe, with the U.S. DOW gaining this morning. The DOW now at 200 plus points. We'll have to see where it ends.
Fed Chairman Bernanke, is expected to reduce the interest rate to
1.0%, not much room to go. The things already in place should start to kick in soon hopefully. But the cause of this problem is systemic, and it will take longer than some would like to see, for a fundamental change for the better, to gain a more solid footing for the global economy.
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Try to think two steps ahead of each decision.
