Hah!
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$$hole landlord!
But then I saw that it was in Maryland; and that it was ONLY $1 million worth of delinquency.
My landlord, as far as I know, still has 3-4 properties that totaled over $4 million in *non-performing* debt.
And he stopped paying everything, 4.5 years ago...
One quick excerpt:
"How is it people can stay in a house for five years without ever making a mortgage payment?” said Thomas A. Lawler, a former senior vice president at Fannie Mae who now runs his own consulting firm in Loudoun County. “That’s a screwed-up process. It’s an example of how the process is broken."
Can you believe this effin' guy quoted in the article???!!!
HE WORKED FOR FANNIE MAE - WHERE IT WAS THEIR POLICY TO NOT EVEN LIST A LOAN AS 'DELINQUENT' UNTIL IT WAS 2 FULL YEARS IN DEFAULT.
Fannie, his company, loses hundreds of billions, he goes out scott-free to run his own *consultancy*....and then waxes outraged at his own former boondoggle!
3 comments:
Hey whatever happened to your fight with your former landlord?
I'd agree that something is definitely broken.
It's not easy to say nice things about banks that (e.g.) can't keep track of title so that they can legally foreclose. Harder still when they lend money without the most basic due diligence vis-a-vis ability to repay the loan.
There is endless lunchtime/neighborhood over the fence chatter about how "someone" should go to jail for unspecified criminal conduct related to the housing meltdown.
I always reply that the best course is to force these effed up outfits into bankruptcy and let the subsequent asset sales and reorgs clear the decks.
Criminal prosecution may be merited in some specific cases but the far larger problem is these financial institutions simply don't know WTF they are doing.
Kevin,
What happened to my fight? Well I lost in court against him. You have to go back and read that post.
After I left the a$$hat moved back into the house and is still there as far as I know. Unbelievable!
Anon,
Not one person has gone to jail! The banks have been given license to steal and impunity from incompetence from political incumbents. They are nothing less than arms of a runaway Big Government at this point. There's nothing we can do except stock up on organic canned goods and ammo....and go on trying to amass things that can't be confiscated or debased away like friends and spiritual wealth.
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