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-Lurid Crime Tales-
Howard Veit has a point
2008-06-28
From the Dept. of Things That Make You Go Hmmm ... I submit an entry from a blog I like to read on a semi-regular basis, Oraculations. The proprietor is Howard Veit, and he's rather curmudgeonly but I like his abrasive style and many times his instincts are razor-sharp. Note - I've added a couple line breaks for readability.
Thousands of photographs of families thrown out of foreclosed homes can be found......er, ummm....well they can't be found.

Could it possibly be because they don't exist?

That 'poor' family victims were actually speculators who got caught? Wouldn't a hate Bush crazed media display them all over, if they exist? I bring this up because coming in contact with fifty or so new people after the graduations I attended last week turned up a ton of conversations in which all concerned said everyone they knew who were 'victims' of foreclosures were speculating...AND KNEW IT.

I know emperical data shouldn't be trusted and that I should trust the Main Stream Media, but I just wonder........
Posted by:Seafarious

#7  Maybe, but anyone who's ever bought a house knows what it's like at closing. The guys that sell these kinds of loans arent like the guys at your friendly neighborhood bank, they're sharks. They are the same guys that sell used cars at the buy here pay here lots, they're crooks and they're good at hustling people. If they weren't good at it nobody would agree to the crazy ass terms in those loans. People get scammed, not because they're stupid, because they don't know any better and because these guys are slick.
Posted by: bigjim-ky   2008-06-28 23:03  

#6  I like Howard Veit. He's crusty as hell but he's sharp and usually has the fact to back his assertions up. Moreover, he's willing to admit when he was wrong without having to be prompted. Last but not least, who could dislike a guy who claims to have a Ph.D in Home Invasions from San Quentin?
Posted by: Lumpy Spusoth6394   2008-06-28 22:07  

#5  Gotta go with AzCat on this one. Speculator or not you signed a contract. And if that's not it let me know who's gonna start making my payments for me. I'll stop tomorrow.
Posted by: Hellfish   2008-06-28 21:45  

#4  Sorry but if you're too stupid to realize that "adjustable rate" means that your rate will adjust you have no business buying real estate. Or if you can't prepare a budget that will let you make the payments you've agreed to make ....
Posted by: AzCat   2008-06-28 20:00  

#3  Precisely Frozen Al,
A lot of families who were first time home owners took the brunt of this. Call them unsophisticated buyers if you like, but you are t-totally right. They thought the mortgage broker was operating with their best interests in mind and they got caught with their pants down. This Veit guy is a dickweed, there are 4 families I know of personally that lost their homes out of this bullshit, and they didn't deserve it.
Posted by: bigjim-ky   2008-06-28 18:48  

#2  Seafarious,
Don't know where you or Mr. Veit live, but here in the Twin Cities, most of the foreclosures are in poor neighborhoods of North Minneapolis. Not very many rich speculators up there.

What you've got is alot of not very educated people trying to buy their first home and thinking that the mortgage broker was their on their side.

However the Twin Cities was listed by the FBI as one of the centers for mortgage fraud.
Posted by: Frozen Al   2008-06-28 14:45  

#1  My conversations with friends in Vegas show both cases. On one hand, realtors caught playing the market with multiple properties in their name when the game of musical credit chairs ended. On the other, another friend spending weekends helping move working buds who've had to clear out of their mortgaged house, into an apartment or on their way to elsewhere in the US where work awaited. I suspect that video of the latter loading their 52" wide screen LCD into the UHaul along with a truck full of belongings wouldn't make good theater has mom and the kids crying at the curb with a couple pieces of meager furniture.
Posted by: Procopius2k   2008-06-28 13:42  

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