http://www.dqnews.com/Articles/2009/News/California/Bay-Area/RRBay090716.aspx

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

US Banks – America’s domestic terrorists. Ah, you say. What a bold statement.

As we approach the 4th of July holiday and honor the founding of America I contend that we have a new threat to America’s economic safety and recovery. That threat is the US banking system.

Being in real estate and working closely with banks regarding purchase loans for home buyers, short sales for homeowners that are underwater and REO’s (properties that have been foreclosed on and are now bank-owned)  I can tell you that the banking system is the #1 reason we are in a housing crisis and the #1 reason it is not recovering.

You don’t have to take my word for it, talk to any mortgage broker or real estate agent trying to negotiate a short-sale for a troubled homeowner. Let’s not even get into the sham that is called loan modification for which so many have applied and so many have been denied. It is such a certainty loans will not be modified that it can only be seen as pure lip service with no substance at all.

What about short sales? God forbid there is more than one loan with one bank. Otherwise the petty fighting and lack of cooperation between the banks would be comic if it weren’t, in reality, creating unbelievable stress for already distressed homeowners.

Is this the fault of the government or the banks themselves?

 Here’s an example of our government tryingto reign in the greed and scams perpertatrated on us by the banking system and the banking systems sleazy reaponse to it.   http://www.huffingtonpost.com/2009/07/01/credit-card-issuers-getti_n_223448.html

As an accomplice, whether willingly or not,  the government is coddling the banks and allowing them to run rampant on US citizens. It’s time to raise our unified bvoice and demand cooperation from the bansk to get us out of the very disaster they foisted on us. Strong words? Damn right! Just not strong or loud enough.

On this July 4th let’s make a combined and concerted effort to demand real changes to the way the banks are handling this crisis. Until we make ourselves heard we can expect no relief and no recovery.

Below is a table of average square foot prices of Single Family Homes sold in Marin County – calculated for both county as a whole and town-by-town. These prices are based on sales prices divided by the square footage of home. 2005 – 2008 reflect year-end prices and 2009 reflects prices through May 15. All info was compliled through Marin County Multiple Listing Service.y Multiple Listing Service.

San Rafael     536.91      523.35       535.42      493.22       415.64

Novato            423.18    420.51       405.92      361.48        290.44