There’s a web site called youwalkaway.com that tells people how they might benefit from mortgage foreclosure. Strange what one can stumble upon on the web, isn’t it? My own take is that people who were trying to get something for nothing by flipping houses and are now in financial difficulty earned what they’ve received. And for lenders who loaned money to those they should have known could not pay it back, well, these lenders are not going to be paid back.
I hope that these losses are not socialized to those of us who were honest and responsible. But I suspect some kind of federal bailout is coming our way, at our expense of course. This is even more likely if we wind up with a Democratic president and a Democratic congress. I’m glad I own gold 🙂