On CNN this morning I happened to see a story on mortgage defaults in the Atlanta area. As the reporter spoke of the 7,000 evictions scheduled for February in Atlanta, we watched two police officers enter a house with service revolvers drawn.
No doubt there is a backstory to this particular event. All states have extensive statutes covering the resolution of landlord/tenant disputes. The statutes governing lender/mortgagee disputes is certainly full of delays in consideration of due process as well. So, the scene of the State storming into a home- through the agency of the police- is at the end of a procedural chain of events leading to forcible eviction.
But you have to ask the question- Is this heavy handed treatment of mortgagees necessary? Are the police storming into homes with firearms drawn routinely? Maybe the mortgage lenders should be forced to go into the home and do it themselves? Maybe we should herd a pack of mortgage brokers door-to-door to do the dirty work. This includes the industry finance geniuses and their pencil-necked B-School professors .
Evicting deadbeats is one thing. I have done this distasteful job myself sometime back when I was stupid enough to have a rental property. It’s disturbing and ugly at the very best. But to have this finance fiasco end in such a way is a disgrace and the ethical-midgets and business cretins who devised and executed this negligent finance scheme need to see, taste, and smell the trouble they initiated. They should be dragged out of their office suites, tarred and feathered, and run out of the business community, or at least tatooed with a big red I for Imbecile on their foreheads and banned from finance for life.
The borrowers who signed their names to such instruments should be forced to take a remedial math class where they must demonstrate a knowledge of compound interest. Exponents, people! Exponents!
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February 17, 2008 at 10:37 am
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[…] Eviction Action on CNN On CNN this morning I happened to see a story on mortgage defaults in the Atlanta area. As the reporter spoke of the 7000 evictions scheduled for February in Atlanta, we watched two police officers enter a house with service revolvers … […]
February 17, 2008 at 1:49 pm
Nelson
Best place for tenants rights is in California. You can live rent free from six months till the legal process drags out. Many landlords in high flux areas will only use month-to month leases.
Not sure what’s the deal for mortgages.
“They should be dragged out of their office suites, tarred and feathered, and run out of the business community, or at least tatooed with a big red I for Imbecile on their foreheads and banned from finance for life.”
No. They are the winners in our society. Has a single person been brought to ‘justice’? The problem is that we as a society respect financial success. Has Paulson or Bush talked about criminal charges?
Nope! Too many of their friends are involved.
All this destruction -from dot bomb to subprime is just a substitution game. We refuse to reward creativity and innovation (note the latest writers strike as an example) because the people at the top represent the forces of multi-generational wealth and nepotism. They are incapable of creating anything, but they know a good scam when they see one. In fact change and new things threaten their power.
Just look at the oil-nations as a good example of where we’re heading. They have stagnant cultures based on cronyism because all the societies wealth bubbles up from the ground. No need to think. Likewise we have large cash sums in the hands of non-creative types like Bill Gates, who tortures us with bad computer software. He can only think of new scams to get us to buy into his latest ‘upgrade cycle’. Don’t you think it’s a little crazy we only have ONE dominant operating system?
Well, not a great commentary, but I’d say the folks at the top are no longer accountable to anyone. And they know it.
February 17, 2008 at 6:58 pm
gaussling
Hi Nelson, good comment. I have to agree. The market is like a septic tank- the big chunks flowt to the top.
February 24, 2008 at 8:41 am
Serg
Hi, just read this post. Thank you!