Ending Foreclosures Could Be Possible
I was torn today about what to write: who cares if Wall Street talent leaves or imagine no foreclosures (it’s easy if you try). So I’m giving you my $.02 worth on the whole “losing our best and brightest” on Wall Street if we don’t give ridiculous bonuses. My take? Don’t let the door hit you in the behind. So what if you leave? You’ll just go somewhere else who’s lost someone because of greed. It’ll be like wife swap, except we won’t get to send you up in a metallic type balloon at the end. No, you’ll get the parachute - a golden one.
Or you’ll join the millions of other people who are unemployed - join the throngs that you are partially responsible for causing job loss to. Clearly had you been doing a better job, we wouldn’t have seen the economy dive anyway. So again, don’t let the door hit you in the behind. Let’s give someone else a chance and hope they don’t mess up like you did.
Someone who has ideas like how to end foreclosures. I love this idea!
How about this. Let’s have a federal bill that states that any bank that took a bailout loan and hasn’t paid it back yet isn’t permitted to foreclose on anybody’s primary residence. In addition, bonuses for senior officers at lending institutions will be reduced by a factor tied to its foreclosure record for that year. High rate of foreclosures would mean low bonuses. At the same time, institutions that refrain from foreclosing on people’s homes would be granted tax abatements on their profits indexed to the amount they are putting at risk by allowing homeowners to renegotiate their loans and remain in their residences.
I can only hope Stanley Bing - through his work at Fortune magazine - gets this idea out… complete with how it’s a two-way street. No more walk-aways or jingle-mail by homeowners either. I’ve done my part! Spread the word!
