Bay Area Finance: Week 3, September 2009

I would like to state unequivocally that I support the proposed federal law that will allow a bankruptcy judge to re-write the mortgage for a homeowner who files bankruptcy.  Opposition to this has reasonable arguments too, but as someone on the front lines I want to make clear why I think it is an important “stick” to have in the arsenal.  Time after time, when I speak to people who are “in the modification process” they tell me they are waiting months, that the lenders are losing their documentation (forcing them to start over in many instances), that they cannot get anyone to call them back, have little assistance as it is, and have little hope that they will truly see any relief from this process whatsoever.  And why?  Because banks have too little incentive to do the modification.  It’s on their side burner, not their front burner.  One of the arguments against the legislation is that homeowners should not have to file bankruptcy to get their loans modified.  Agreed, but it ain’t workin’.  Another, much more anemic argument states that the government is somehow “holding their (the banks’) feet to the fire” by publishing which banks are doing the most modifications and which banks aren’t.  That’s plain crap.  It’s not like you have a choice who you’re trying to modify with.  The publicizing of this list DOES NOTHING for homeowners, in my opinion.  That’s why I support this legislation as a sizeable stick that can be used to whack the banks into line.  Do banks want bankruptcy judges involved?  No way!  These judges won’t be kind to the banks who have earned our scorn over and over again.  Will they get off of their butts and ramp up modifications if this hammer can come down on them?  I believe they will, and I also believe they won’t unless the big hammer is brandished.  So I say pass it— and swing that hammer around in plain sight a bit so everyone can see.  Banks, I say, get off your butts.

See here for a great interview of FDIC chairperson Sheila Bair.

To contact me about financing your dream-home click here.

Weekend Wanderer’s Events

…finding the treasures in your town and beyond. 

Two for This Weekend:

Fringe Festival in San Francisco:  This is the last weekend of this event bringing performers from around the world to San Francisco to demonstrate their ideas for experimental theatre.  Mostly taking place at the Exit Theatre on Eddy Street, this event puts on over 250 shows in twelve days, and most shows are around $10 or less.  It’s just a couple block walk from the Powell Street BART station too; easy schmeezy.  Check it out here.   

Opera in the Park in San Francisco: Verdi’s Il Trovatore will be simulcast live in the Giants’ baseball stadium AT&T Park on Saturday night FOR FREE.  I attended this last year on a night in San Francisco that was actually warm.  It was fantastic, and both the viewing of the show on the big screen above center field and the sound were top notch.  Part of the San Francisco Opera’s campaign to reach out to the community and invite EVERYONE to enjoy opera it’s a fun event that I will be attending once again this year.  Check it out here.

Help Your Fellow Living Beings:

Food Banks in the Bay Area: I was reminded in a unique way to think of this when I recently called a number to get the address for a Salvation Army location in Oakland.  The phone answering system addressed me and immediately gave directions of whom to speak with if you need help with getting food or with paying a utility bill.  That voice reverberated in my head several times that day and other days afterwards.  I imagined how it must feel to make that call, especially with little ones or elderly ones looking to me for those answers.  As Dr. King once said, “You don’t have to know quantum physics to serve.”  Help your fellow living beings here.      

Two Weekends from Now:

Dragon Boat Racing at Treasure Island:  As they state on their website:  Come down for “…another great weekend of good, hard racing, excellent entertainment and food, and great times on and off the water.”  Twenty paddlers, a drummer and a steering person rev it up on each boat as they practice this sport that traces its origins to around two thousand years ago in southern China.  “Power, speed, synchronization, and endurance” are the elements of a winning boat.  Check it out here for next weekend.

Pic of the Week… from my own camera.

It’s just a few hours away…