A buddy/old-neighbor of mine up on Boston's South Shore just sent this to me...
Looking at the picture and the headline I thought for a split-second that it was my old a$$hole landlord!
But then I saw that it was in Maryland; and that it was ONLY $1 million worth of delinquency.
My landlord, as far as I know, still has 3-4 properties that totaled over $4 million in *non-performing* debt.
And he stopped paying everything, 4.5 years ago...
One quick excerpt:
"How is it people can stay in a house for five years without ever making a mortgage payment?” said Thomas A. Lawler, a former senior vice president at Fannie Mae who now runs his own consulting firm in Loudoun County. “That’s a screwed-up process. It’s an example of how the process is broken."
Can you believe this effin' guy quoted in the article???!!!
HE WORKED FOR FANNIE MAE - WHERE IT WAS THEIR POLICY TO NOT EVEN LIST A LOAN AS 'DELINQUENT' UNTIL IT WAS 2 FULL YEARS IN DEFAULT.
Fannie, his company, loses hundreds of billions, he goes out scott-free to run his own *consultancy*....and then waxes outraged at his own former boondoggle!