Saturday, December 20, 2008

The last stage of foreclosure :: The Eviction

Check out this video from Dateline NBC.

Sure, some people need to be evicted, they can't live indefinitely without paying rent or mortgage payments, but as Bush said today about the $17,000,000,000 automobile industry bailout - "these are not ordinary times".

If you stick it out until the end of the fifteen minute video, they profile a retired school principal who refinanced her home to pay for her daughter's college - she had been accepted into an Ivy League university. The mother thought she was getting a 30 year fixed, but ended up with an ARM with onerous resets of the interest rate. Her bank worked with her in the end, but not before she had tapped out her retirement account to make her mortgage payments.

These are not ordinary times. The time of living beyond our means has come to an end. The time of onerous, predatory lending practices has come to an end.

Or has it?

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