Here’s an idea for you- Set the house on fire and then come back and sell the charred remains and make lots of money? Don’t believe us, welcome to the new economy…
In a recent NYT article we’ve been reading with some intrigue how notables from Country Wide Financials- you remember them, (Stanford Kurland for ex) they are the ones who gave out all those amazing phony loans that have led to the awful train wreck in your life, well they’re back in town.
The catch this time, instead of lending you the money to buy a home you never stood a chance of owning, what they do now that the value of your debt is greater than the value of your equity( read the first part of the sentence again folks…) is buy up the house that you are forced to dump on pennies on the dollar (thanks to a government assist incentive program) and pump it back out for a hilarious profit.
Oh well, not every body can be an institution devoid of ethics and principle, but this is America right?