12.22.2011

STRANGER IN A STRANGE LAND 2: ELECTRIC BOOGALOO or I GROK THE HOUSING CRISIS AND IT'S HILARIOUS

I watched the 60 minute's piece on foreclosed houses in Cleveland last weekend and it got me thinking.

So banks forclose on a house, kick the owners out, and then walk away. The city or parish (or "county" like you lame-o-s call them) take ownership from back taxes and the properties are blighted to fuck causing other houses to lose value which in turn means it's more profitable for other owners to abandon their houses have them foreclosed and repeat FOREVER....

The first thing to pop in my head: Why don't the banks, take a loss, lower the principle, and let the owners pay a smaller note they could afford and make some money? Or to appease conservative mindsets, fix up the house and sell it (which would ultimately cost the banks even more money than lowering the principle)?

Then I remembered that banks don't need to turn a profit, they'll just get more money thrown at them because they hold our economy hostage! HURRAY!

1 comment:

termite said...

exactly. spot on with this post.