Now here's a reminder of the toxic debt of unemployed bums becoming property owners by Presidential decree in the USA.
Wednesday, 9 November 2011
I have seen first hand what these guys did when they were repossessed in the Repo Depot at Hot Springs in Arkansas. Toilets, hand basins all smashed with a hammer, windows wrenched out, doors destroyed and any furniture generally wrecked.
To sell this property they were repaired, and sold for around 40% or less of what the true values might have been. No wonder this recycled debt lost so much money. Our own banks bought a great deal of this repackaged debt looking like it was gold plated.
O buma was the Lawyer running Acorn Investments that had made these loans in his earlier years, any bank refusing was fined heavily.
Subject: Remember where the economic debacle started
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