The foreclosure crisis has hit Michigan as hard as any state.
Like my boat after a rainstorm,
most Michigan homes with a mortgage are underwater, that is, worth less than what is owed
on them.
Uh, this is not newsworthy.
Just today, spoke to a former client who is 64, yes, sixty four months behind on his home, and
the foreclosure process is just starting. He owes over half a million, yes, $500,000, dollarrs on
a home that may be worth $200,000.
Then a prospective client from Detroit calls. Trying to get a loan modification to avoid foreclosure, pursuant to his rights under Michigan’s foreclosure law.
House worth maybe $12,000, owes $112,000 on the first mortgage alone, another $40,00 on the
second mortgage. Wife works part time, and they both get pensions. And their neighborhood is
no longer safe.
President Obama, in his State of the Union speech talked about chasing the crooks
image credit: dreamstime
who caused the foreclosure crisis.
So, my question, now will the government help foreclosed homeowners?
Uh, sure.
My view is the crooks bought both political parties on the way up, when the bubble was still
inflating. The real estate bubble, that is. So, when it popped, back in the summer of 2008,
they never worried about being prosecuted for their crimes.
Hell, the sons of bitches got federal government appointments. Big ones.
So, this new commission to
is another smoke screen, by the crooks, for the crooks.
I am not a left wing critic of the administration, like Abigail C. Field, but her review is dead on.
This transcends party politics, even political philosophies.
I have yet to meet someone who justifies the looting, fraud, OK, I am close to frothing at the mouth recalling the destruction of the global economy these clowns started.
That is not even a sentence. My point is, no one excuses the crimes they committed, left, right, Libertarian, Communist, you name it.
Yet, not only do they walk, make that fly, freely among us, they are still living well off the
fruits of their crimes.
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