Thursday, March 6, 2008

Too Big To Fail

I kinda figured eventually it would lead to this ... Somebody always figures out how to scam the system.

I have been told by brokers and banks that the owners have ceased paying their mortgages in some cases for nearly 2 years and have continued to occupy these homes. Now, these are homes in excess of $2,000,000 in the very best neighborhoods in South Florida. Brokers have added that these buyers further complicated things by putting huge home equity lines on top of their mortgages and now have no possibility of selling their homes for amounts needed to cover their accumulated debt.

Maybe after the government agrees to cover some of the principal they will be willing to leave.
Via Hot Air.