Greedy Real Estate Agents, Predatory Lenders & McDonald's Cooking Oil as Fuel Alternative
EDITORIAL
Two bits of news caught our attention this morning.
The first story says the McDonald's units in The Philippines (Makati outlets) will be donating used cooking oil to help co-power Manila's Police Cars:
With oil prices at crippling highs, the project would convert cars in the Makati financial district to run on a mix of 40 percent diesel and 60 percent cooking oil, its police chief Senior Superintendent Gilbert Cruz said.
With approximately 141 McDonald's within just 30 miles of our location near Boston, one can only imagine how much power they could provide for city and state vehicles. And when you add Maine, Vermont, New Hampshire, Connecticut and Rhode Island McDonald franchise locations, include other fast food/hamburger outlets who cook with the same oil, the question then becomes, why aren't we doing that here?
Nevertheless, kudos to Makati and to McDonald's Corporate for their smarts and for helping our environment.
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GET RESTITUTION FROM THE LENDERS & REAL ESTATE COMMISSIONS . . .
NOT THE TAXPAYERS
The second story is about home prices in May dropping by the largest percentage in the history of the index that covers these patterns, from a year ago.
Boston, in particular, was listed along with Tampa, Detroit, Minneapolis, New York, Dallas and Atlanta, because they all showed a smaller annual decline.
Certainly not the best news.
Now, since we've never been fans of the false market conditions too many otherwise greedy real estate agents have been perpetrating on the public since at least 1986, nor the too many foolish buyers who never do their own neighborhood homework and blindly believed too many greedy real estate agents, we do feel for those buyers who were intentionally (allegedly) misled by their particular greedy real estate agents and/or by the alleged predatory lending practices of too many mortgage loan originators, an industry that is currently the target of Federal and State probes nationwide for too many allegedly illicit practices.
(That was possibly the longest running paragraph ever).
But those homeowners now in a financial bind certainly do not all deserve a bailout from the coffers of the U.S. Government, a.k.a., we the taxpayers. That could and should come from lender restitution (as an alternative to prosecution) and also include the related commissions of the greedy real estate agents as well.
Fat chance either will ever happen, but the fact that those of us who did not get caught up in the hype and easy-profit hysteria - - - while still having to endure the bragging rights from those who did - we're pretty darn pissed-off that our tax money will be bailing them out. Salt on the wound, or something like that.
From a less personal, more serious and economic pov, however painful these times are or may become for some homeowners, in the long run, realistic, stabilized pricing is what our local economies need for sustained growth. Home ownership is a business, repeat, a business, just like any other, not a guaranteed right for every American - - - nor an irresponsible, commoditized profit center for every greedy real estate agent or mortgage broker.
Bailing out America's homeowners will only reward those lenders who made the mistakes in the first place, and allow the greedy real estate agents to keep their undeserved commissions.
That's merely our opinion.
What's yours.
we invite you to email us your comments