The bailout had big promises for the economy and part of the promise was that by placing the first chunk of money into the banks, the bank in turn would be able to give out new loans, and stimulate the economy. So far the banks have not held up their end of the deal. It seems as though the banks need a push in the right, and a little more oversight.

Online bank ING Direct forgave five hundred January mortgage payments for homeowners who won an essay contest. The 500 mortgage payments amounted to about $860,000.

The winners do not include any of the 250 homeowners who are now in foreclosure through ING Direct, but those who just recently fell behind and had a compelling essay.

ING Direct’s spokesman said that the gesture was paid partly by employees who gave up their annual office party.

In Canberra, Australia a couple was served with an eviction notice via Facebook, an online networking site.

The Australia Capital Territory Supreme Court approved a request last Friday made by lawyer Mark McCormack to use Facebook to serve legally binding documents after failed attempts to contact the couple at their house or by email.

The couples Facebook profiles dissappeared from public view more then likely due to the publicity of the court order.

According to the National Association of Realtors the housing market fared better than expected. There wasn’t a gain in the market, but it didn’t decline as far as some had projected. Financial analyst thought there would be a a 3% drop, although only a slight improvement, it is encouraging in such a shakey market.

The housing market is finding itself in a more stable spot not partly because there are so many bargains to be had. For example a condo in South Florida is on the market for $64,000, this is only $1,000 more than it was originally sold for back in 1984.

Federal Chief Ben Bernanke is requesting that the Government makes serious attempts to address the housing crisis and lower the number of foreclosures.

Bernanke says that both the private and public sector have made a good effort to assist homeowners, but it just isn’t enough. He said he would like for the Government to make improvements to their program “Hope for Homeowners.” He said they could start by lowering the interest rate from its current 8 percent.

As the housing market continues to crumble, and our country comes to grips with a recession, it becomes more clear that something needs to be done. Bernanke says, “loan modification will often be needed to create sustainable mortgaged and keep people in their homes.”