Economist and writer Katerina Alexandraki has come up a creative idea for easing the housing crunch this holiday season. She’s asking Wall Streeters getting big bonuses to contribute them to folks in danger of losing their homes. See her Web site for the campaign which she calls Bonus for Homes.
Wall Streeters are expected to get a lot of heat this bonus season, both for creating the loose lending standards and securitization of loans that fueled the housing bubble and now for making a killing off of stocks and distressed assets that surged in value this year, largely thanks to trillions of dollars in government support.
Katerina hopes to distribute the money to low-income earners and the unemployed. She’s specifically looking for folks who were victims of predatory lending or who are facing foreclosure. She describes it as “a private-sector initiative to address the anomaly that, while everyone, from top to bottom, public and private, is to blame for the financial crisis, some of us have fared much better than others.”
She’s looking for volunteers to help contribute or nag their fellow high-earners. Of course, you can always just take the thought and contribute to housing-related charities on your own. Maybe even with company matching funds!