Two more home sales this weekend land on my desk

I am usually available to my clients (borrowers/Realtors) as they need me and on Saturdays it is not uncommon to get a phone call or two about qualification on a home a borrower may be interested in or a call from a Realtor to confirm the price range our mutual client can afford before the offer goes in.

This past Saturday I sat in my office looking at two new purchase contracts on my desk. The tax credit certainly is playing a role and my sources tell me it will be extended into 2010 up through June. Perhaps congress would just extend it permanently since it is clearly a better stimulus program than the cash for clunker crap.

It is imperative you call your representatives. Write too. I have found when writing (via email from their website) I get a standard formatted non-response response telling me what they are doing for me. That does not mean I stop writing. I continue.

My second phase of "Operation Crazy Person" is to call the local office of my representative. I have met some of the staff through chamber events and so forth and as long as I have taken the time to write I should have someones ear.

There are many issues if addressed succinctly could add to the very modest momentum this tax credit has started- a few are:

1. Bringing back the down payment assistance program
2. Aggressively force banks/lenders/note holders to re-negotiate or modify existing loans consistent with the economic realities of our times vs a re-underwrite process to "unmeetable" standards
3. Banks that have foreclosed and have properties on the market must respond within 10 business days to offers and negotiate realistically plus any repairs of such properties are to be corrected by the lender or its facilitator.
4. Stop the cost prohibitive and unfair pricing of home loans based upon credit score
5. Force lenders to stop abusing their correspondent lending relationships (Buy back practices)

We need to drip on the representation in DC because the banking lobby has 3 lobbyists to every one Representative so if you think you are being represented (I don't care which party you drink kool-aide from) think again.

If you watched the interview of Tim Gietner on Meet the Press you should note what he did not say. The point is we have a long road ahead.

I wish us all well.