Real Estate Agent's Café

Foreclosure Robo-Signing Victims Getting Help

Here's the details of a new program that provides compensation for some homeowners who faced foreclosure in 2008 and 2009 and were victims of robo-sigining.

 

Will Home Prices Ever Recover?

Where's My Super-Cheap Mortgage?

There's a big gap between the lowest advertised mortgage rates and the average rates borrowers actually get.

If You're Buying a Bank of America Short Sale, WATCH THIS!

The Next Housing Shock! Unbelievable!

Oh! Now I Get it!

 

It is a slow day in a damp little Irish town.

 

The rain is beating down and the streets are deserted. Times are tough, everybody is in debt, and everybody lives on credit.

 

On this particular day a rich German tourist is driving through town, stops at the local hotel and lays a $100 note on the desk, telling the hotel owner he wants to inspect the rooms upstairs in order to pick one to spend the night.

 

 The owner gives him some keys and, as soon as the visitor has walked upstairs, the hotelier grabs the $100 note and runs next door to pay his debt to the butcher. The butcher takes the $100 note and runs down the street to repay his debt to the pig farmer.

 

 The pig farmer takes the $100 note and heads off to pay his bill at the supplier of feed and fuel. The guy at the Farmers' Co-op takes the $100 note and runs to pay his drinks bill at the pub.

 

The pub owner slips the money along to local prostitute drinking at the bar, who has also been facing hard times and has had to offer him "services" on credit. The hooker then rushes to the hotel and pays off her room bill to the hotel owner with the $100 note.

 

The hotel proprietor then places the $100 note back on the counter so the rich traveller will not suspect anything. At the moment the traveller comes down the stairs picks up the $100 note, states the rooms are not satisfactory, pockets the money, and leaves town.

 

No one produced anything. No one earned anything. However, the whole town is now out of debt and looking to the future with a lot more optimism.

 

And that, ladies and gentlemen is how the bailout package works.

 

A Day in the Life of a Realtor Parody Episode #1

Foreclosure Crisis: Winners and Losers

Fannie Asking for $8.4 Billion More

Foreclosures Made John Paulson a Billion Dollars

The deal in which Goldman Sachs, according to the SEC, defrauded some of its investors made hedge-fund king John Paulson a billion dollars. It all pivoted on hundreds of thousands of ordinary homeowners defaulting on their mortgages. WSJ's Anton Troianovski reports.