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Wednesday, November 19, 2008

Mortgage Crisis and The Insidious Culture of Greed

Have you ever come across a scam and considered yourself naive for not having seen it coming? I do it all the time. For example, I still scratch my head over the sub-prime lending mess. I recall the very first mortgage for which I applied. It involved hours of interrogation about my financial records, income, credit and all manner of personal information. I remember sweating through the whole affair, so much so that my blouse and skirt clung to me when I stood up mortgage in hand.

Scanning the comments on Crib Chatter, a Chicago-based real estate blog, I got a glimpse at the consumer fraud that played a role in the debacle:

"Darn its too bad zero down or ridiculous loans are gone. Had this thing been on the market last year I would’ve ‘bought’ it and squatted on the place living there while I skipped payments. I bet I could’ve strung it out for over a year of rent free living in this awesome house."

Is it just me, or does anyone else find this scam shocking?

Here's hoping that the decline we're in brought on by the mortgage crisis involves the readjustment of people's morality. Because honestly, I have no desire to bail out these greedy so and so's.

photo courtesy of Jamie Barras

1 comment:

ardie said...

Yes, it is shocking and depressing

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