Dragging this back from the dead. So Cal Connected did a follow-up piece last night.
<a href="http://kcet.org/socal/2009/02/selling-out-1.html">http://kcet.org/socal/2009/02/selling-out-1.html</a>
I have a little different take on this situation than the KCET folks. Note the following quotes and their times:
0:49 "Can't short sell it" - <em>standard.</em>
1:03 "Problems started when Joe was laid off at an RV Dealership" - <em>Are you sure that's when it started?</em>
2:24 "Owe more than $400K, currently listed at 180K" - <em>WOW, how did that happen?</em>
The real gem was when they were looking at the door jamb of the pantry, which had the measurements of their kids as they grew.
3:15 "It goes back to 'O1" - <em>BAM- there it is!</em>
If I remember right, this development was selling for the $170's in 2001. That means these folks have extracted $250K over 7 years - remember, they currently owe over $400K. These fine folks made off with a quarter million dollars in MEW that they will NEVER pay back and I'm supposed to feel bad for them?
And to add insult to injury, now there are folks giving them charity! These people were not poor - they <em>never</em> were. But they got to live beyond their means for eight years and now they are all pouty because they can't continue?
These "fine folks" are beneath my contempt.