Tuesday, June 10, 2008

Not Right
Disturbing article about people who own a home, then purposely buy new home and let the first home go into foreclosure. This is fraud. The people doing this probably think they are so smart that they have found a way to job the system, but my guess is that the banks will catch up soon enough. The people doing this are the same ones that were caught up in the housing frenzy and just had to buy a home regardless of cost, refinanced it multiple times and now have little equity. They were probably long-time renters, too, before they bought during the frenzy. Realtors that assist in this deception should be de-licensed, or whatever the real estate broker penalty is called. Shame on the realtors that say halting "buys and bails" will put more downward pressure on the housing market. These guys are idiot crack whores that need any transaction.

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