Wikinvest Wire

Foreclosure winner?

Monday, May 25, 2009

A foreclosure auction winner moves into his new house and CNN is there to get it on film. Maybe it's me, but $230,000 for what they got still sounds like way too much money.


steveherbln said...

Heartless reporting. No celebration here. Can you imagine being the owner victum of the predatory loans having to watch this. America calls you a liar. Obama calls you irresponsible. Lenders took your savings and everything you ever worked for.
Your probably homeless and unemployed by now. Your future is considered destroyed from foreclosure. And now they're dancing and parading around your home.

Running out of salt to pour on this wound.

dangermike said...

It was never their home. It was always the banks. And they agreed to pay far more than they could afford. I'm sure there are some foreclosures on the market that have arrived there through truly sad and unfortunate situations but I guarantee the vast majority are the result of avarice and gluttony. And I don't mean to excuse the lenders, either. While I think the borrowers are generally about as deserving of sympathy as anyone who dumps their savings into a Vegas casino, the lenders were the racketeers running the whole mess. Or maybe a better analogy would be overdosed junkies and their dealers.

The question we need to ask is not what the personal story is behind those engaged in this mess. We all know someone who is being foreclosed upon whom we can ask directly. This mess is that pervasive. The questions we need to ask are why it went unchecked for so long and why we just keep bailing water out of the bilge with out mending the hole it's coming in trough.

Effective Demand said...

I don't see it as heartless reporting as steve suggested.

The weak borrowers are being replaced by stronger (not strong... stronger) borrowers. That is a good thing. It would be a very good thing if it wasn't an engineered market of low rates and incentives. There is no normalcy here.

But its a step in the right direction.

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