Banner Bank using bailout money to help others
We hear most of the time about the banks not using the bailout money wisely. We hear of them giving out bonuses and more. Using Bailout Money For good, A Portland Bank Makes It Easier For People To Buy Homes. The bank is called Banner Bank. They are helping by:
Banner Bank helping out
Walla Wall Wash.-based Banner Bank has branches throughout the Northwest. And it’s using $50 million of the $124 million in bailout money it received for a program it started in Portland, Ore., called the “Great Northwestern Home Rush.” Several of the bank’s clients are builders, with hundreds of newly constructed homes going unsold for almost a year. The idea is to push qualified buyers back into the market. By offering bargain-basement, 3-7/8 percent financing, Banner hopes to encourage potential buyers to get off the sidelines and purchase homes. When Banner Bank began the program March 7, it thought it would see 10 to 15 homes sold. Now, three weeks later, more than 60 homes in the area have been snatched up. Source is from cbsnews.com
Why can’t all banks follow Banner Bank
Think if all banks would follow Banner Bank and focus on how to get the homes that are empty filled back up with families. Instead of making it harder for people to get loans why not help people get back into a home. Even if they lost their last home to a Foreclosure, why not forgive them and get them back in a home. There are housing additions that have new homes with no families in them, it is sad. It is like a ghost neighborhood. Eventually those homes will no longer be good for anyone to live in and will just get demolished at a additional cost. So why not help get people back in those homes with the bailout money. Give them a interest rate they can afford and get the economy back rolling. What are your thoughts?
Also please join my facebook and Linkedin using my e-mail of mills.management@hotmail.com. Have a great day.
Leave a Comment