Let me start by pointing out that I'm fine with the possibility that a given foreclosure MIGHT include criminal fraud on the part of a bank or even realtor.
Sure. It happens. But I think that it is rare.
The problem I have is with what I perceive as the POLITICIZATION of foreclosure - the attempt to spin the millions of foreclosed Americans as "victims" - when I believe nearly all of them are simply people who got in over their heads on purchases they took on freely but couldn't really afford.
It's tempting to think of these people as IRRESPONSIBLE, but I won't - because people always need to be thought of as individuals, not as a group. Some of the foreclosed lost jobs that the odds overwhelmingly said they would keep. Some became unexpectedly ill... or died.
But, it's been documented that many, MANY others were profiteering - intentionally buying houses they KNEW they couldn't afford, counting on further price rises to create equity out of nothing. They'd then be in a position to refinance or to sell at a profit.
These folks - who were later foreclosed upon - are NOT victims. They took a gamble and lost. But, as competent adults, they made the buying decisions themselves, often seeking out realtors and lenders who were only too happy to help.
I resent like hell the attempt by politicians today to SPIN the emotions of the voting public to automatically assume that foreclosed homeowners are VICTIMS. Far from it. Most were simply unable to manage their finances.
Many years ago, I had a discussion about debt on Raging Bull's ROUND forum. I'm not going to bore you with all the details, but the gyst of it was my position that DEBT is essentially bad . . . versus everyone else who participated, saying it was essentially GOOD.
Today, I think we're getting a first hand look at why I was right. Forget about the good things that can come of debt. (Good things can come of playing too much craps, too.) Debt facilitates a VERY dangerous lifestyle and, ultimately, it has consequences.
People need to understand that. And, that if they elect to assume the debt anyway and wind up with consequences beyond their control, that's primarily their own fault. Not that of their facilitators.
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