This is criminal

Login or register to post comments Last Post 942 reads   24 posts
Viewing 10 posts - 1 through 10 (of 24 total)
  • Wed, Dec 31, 2008 - 12:45am

    #1

    ampers

    Status Member (Offline)

    Joined: Nov 23 2008

    Posts: 19

    count placeholder0

    This is criminal

From today’s newsletter:

$1,000
3 Bed, 1 Bath, 1,259 Sq Ft on 9 Acres
Property Type: Single Family Home
Bank Owned. Property sold in as-is condition. Buyer to sign ACR with
City of Detroit prior to closing. Earnest Money Deposit to be held by
listing broker and be certified  

I nearly cried when I saw this. A Family has been left homeless by the bank repossessing, just for them to get their greedy grubby hands on one thousand dollars. The tears are welling up as I think of the unhappy family, destitute, possibly with young children – at Christmas time, all for the sake of an effing $1,000.

The bastards. The utter bastards. I have never wished misfortunate on anyone but I do now.

I do apologise for my bad langauage but I won’t retract it.

 

  • Wed, Dec 31, 2008 - 02:10am

    #2

    Morpheus

    Status Silver Member (Offline)

    Joined: Dec 27 2008

    Posts: 194

    count placeholder0

    Re: This is criminal

Wow. Speechless. Ampers. Can you cite a link for this?

  • Wed, Dec 31, 2008 - 05:36am

    #4

    Erik T.

    Status Silver Member (Offline)

    Joined: Aug 05 2008

    Posts: 213

    count placeholder0

    Re: This is criminal

MGhandi, The link is in today’s Daily Digest.

Ampers,

Your compassion is admirable for sure, but I wonder if you’ve considered all the possibilities.

First of all, upon what facts do you base your conclusion that "a family has been left homeless"? How do you know that this property isn’t one of a dozen homes owned by an irresponsible speculator with no job who took advantage of easy money in the U.S. housing markets and dug his own grave?

Second, if you follow the link in Daily Digest you’ll see there are dozens and dozens of "$1,000" properties and it quickly becomes clear that $1,000 is the opening bid price and the actual transaction price is set by auction. The $1,000 home thing is a fairly obvious gimmick to draw attention to sales at auction. It sounds like you took the bait – hook, line and sinker – without critically evaluating the facts available, which are scant.

I don’t know what the actual circumstances are here, and I would hazzard to say that you don’t either. Before judging the banker’s ethics, I suggest reconsidering the range of factual possibilities that could actually exist.

Erik

 

  • Wed, Dec 31, 2008 - 02:42pm

    #3
    lucasaltic

    lucasaltic

    Status Silver Member (Offline)

    Joined: Aug 10 2008

    Posts: 130

    count placeholder0

    Re: This is criminal

That is terrible.

Where did you see this, Ampers?

Luc

 

Edit:  Now don’t I look like an ass.  The volunteer guy didn’t read the daily digest!!

  • Mon, Jan 05, 2009 - 05:33pm

    #5

    ampers

    Status Member (Offline)

    Joined: Nov 23 2008

    Posts: 19

    count placeholder0

    Re: This is criminal

I guess things are different your side of the pond. It is normal here to say "from" to indicate a starting price.

Well, I do hope bankers aren’t turning people out of their homes for a pittance. 

I hear of some terrible actions by the bankers on a daily basis over here but if you say your bankers are much more humane, then I have to accept your word on the matter.

My apologies.

Ampers.

  • Mon, Jan 05, 2009 - 06:00pm

    #6
    emdiaz

    emdiaz

    Status Member (Offline)

    Joined: Oct 23 2008

    Posts: 14

    count placeholder0

    Re: This is criminal

They have houses for $1.00, yes one dollar. If you look at the pictures you see most of the houses in the block with plywood in their doors and windows.   The houses are sold as it is but the buyer has to make the house livable and be approved by the city in other for the purchase to go thru.  I think these are houses recover by the city in order to improve the neighborhood.  They are doing in a lot of cities but when most of the neighborhood is in despair only the government will be able to fix them and sell them to the poor.  It is indeed very sad.  I think we will start to see this more of this in the suburb when people have to abandon communities and the houses become worthless.  I seen new communities in that have or the houses are foreclosed by the banks and the other have were never built.  People that purchased a house thinking that it was a great investment now live in a very bad and half deserted neighborhood.

  • Mon, Jan 05, 2009 - 06:34pm

    #7

    Dogs_In_A_Pile

    Status Platinum Member (Offline)

    Joined: Jan 04 2009

    Posts: 824

    count placeholder0

    Re: This is criminal

Ampers –

Good afternoon from Virginia.  I have to throw in with Erik above.  Not enough info provided to draw a conclusion.

I offer this somewhat draconian opinion.  If there is in fact a family that is homeless and they had a sub-prime mortgage they defaulted on, it is likely that they were living well beyond their mean to start with.  Their choices, not mine, led them to this end. 

If we are going to make systemic changes in the way things are in this world, it’s about time that we start holding people responsible for their actions.  In isolation, a family homeless and on the street may be a sad thing, but when they are there because of their own irresponsibility, it’s just not that sad. 

Too many people in the US have a grossly unjustified sense of entitlement and I am sick and tired of footing the bill for them.  I have no problem helping out the truly misfortunate and sit on the Board of Directors of a non-profit targeting aid to native American communities in South Dakota, Montana, Colorado and New Mexico.  I do have an issue with throwing good money after bad – to people who won’t do anything to change the way they are living because it is too easy to do nothing to change their circumstances.  For example, I pay taxes in Virginia to support a program that gives away FREE cell phones to "those less fortunate".  For what use???  If the phone only dialed 911, I have no problem with that.  I imagine I would be incensed if I could hear the conversations that I am paying for.

I don’t mean to come across as compassionate as Attila the Hun (aw heck, maybe I do), but there is a sickness in this country that is growing like a cancer.  Sometimes you have to kill a lot of good tissue with chemo to treat the disease.  The sad thing is, we don’t have to live with the disease and I am amazed that there are those among us who choose to do so.

Peace – DIAP

______________________________________________________________ 

"Everyone knows something you do not.  Learn from them."     Sifu Bruce Lee

  • Tue, Jan 06, 2009 - 01:24pm

    #8
    daleasberry

    daleasberry

    Status Member (Offline)

    Joined: Oct 29 2008

    Posts: 24

    count placeholder0

    Re: This is criminal

[quote=emdiaz]

They have houses for $1.00, yes one dollar. If you look at the pictures you see most of the houses in the block with plywood in their doors and windows.   The houses are sold as it is but the buyer has to make the house livable and be approved by the city in other for the purchase to go thru.  I think these are houses recover by the city in order to improve the neighborhood.  They are doing in a lot of cities but when most of the neighborhood is in despair only the government will be able to fix them and sell them to the poor.  It is indeed very sad.  I think we will start to see this more of this in the suburb when people have to abandon communities and the houses become worthless.  I seen new communities in that have or the houses are foreclosed by the banks and the other have were never built.  People that purchased a house thinking that it was a great investment now live in a very bad and half deserted neighborhood.

[/quote]

This is exactly what’s happening in Detroit.  These houses may be going for a pittance, but in all likelihood, most of these houses have been abandoned for months or years.

  • Tue, Jan 06, 2009 - 01:37pm

    #10
    daleasberry

    daleasberry

    Status Member (Offline)

    Joined: Oct 29 2008

    Posts: 24

    count placeholder0

    Re: This is criminal

DIAP:

Read Joe Bagent’s Deer Hunting with Jesus. Should soften your harsh opinions a bit.

  • Tue, Jan 06, 2009 - 01:38pm

    #9
    daleasberry

    daleasberry

    Status Member (Offline)

    Joined: Oct 29 2008

    Posts: 24

    count placeholder0

    Re: This is criminal

[quote=Dogs_In_A_Pile]

I offer this somewhat draconian opinion.  If there is in fact a family that is homeless and they had a sub-prime mortgage they defaulted on, it is likely that they were living well beyond their mean to start with.  Their choices, not mine, led them to this end. 

[/quote]

Be very careful with this opinion… most subprime mortgages were thrust on minority borrowers that could afford standard mortgages. For evidence, prometheus6.org has dozens of articles spelling it out.  Also remember that mortgages were affordable at the beginning rates of an ARM but became unaffordable as the rates rose. In addition, take into consideration that lots of people have been, and are, losing their jobs. Finally, as simple as this may seem to us, most people didn’t have the financial savvy to understand all the options or consequences of what they were given with their mortgages and didn’t have the resources to find out.

I, for one, do not welcome draconian opinions on this complex issue.

Viewing 10 posts - 1 through 10 (of 24 total)

Login or Register to post comments