February 25, 2009
– Comments (3)
Hat tip to Calculated Risk.
Note how the imprecise use of language in the opening sequence sets the stage in all these stories. The narrator talks about the destruction of belongings left behind by the "owner" of this foreclosed home.
She's dead wrong, and she should know it. She means, of course, the homedebtor who didn't pay the mortgage, and does not own the home. The home's owner is the note holder, who's taking the house back, and needs the junk cleaned out.
This is not a subtle point at all, but it's one that every bleeding heart news editor in our nation seems to get wrong time and time again. You're not a homeowner unless you own the home you are in. If we want to stretch that definition, we might draw the line more charitably for those who posess a substantial equity holding in the house (say, at the traditional down payment line, 20%).
To continue pretending that deadbeats who occupy mortgaged-to-the-hilt homes are "homeowners" is an insult to real homeowners, who pay their bills. It's also a detriment to the market's cleansing process, which needs to occur so that they can be purchased responsible, future homeowners (those who didn't overleverage during the bubble, and will buy these homes when the price is right, and pay the mortgage on time).
Didn't you post the same video a while ago?
TMFBent: Assuming everyone who is in this situation is a deadbeat is appalling on your part. Yes, I am a bleeding heart but at least I have a heart. You have no heart, no solution and are a complete idiot.