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Baltimore Sun chooses the wrong ‘victim’

July 30, 2008

President Bush signed the housing bailout bill today (otherwise known as the ‘Punish those who act responsibly and reward the idiots and thieves’ bill). To highlight this, the Sun decided to pick a local ‘victim’ of the so-called foreclosure crisis to highlight on their front page.

They didn’t really think it through too well.

Rescue is quirk of timing

Hundreds of thousands of struggling homeowners may get the help they need to stave off foreclosure from the federal housing bill that Congress passed last week. But for hundreds of thousands more, people like Veronica Peterson, it comes too late.

So everyone is supposed to feel sorry for single Mom Veronica Petereson and her kids. Right?

Well fine…. then you read this:

Peterson is waiting for the eviction notice that will force her out of the $545,000 house she bought in Columbia two years ago.

Wha-Whaaaaat? She bought a half a million dollar home? Well she must have one hell of a job then. What? She runs a home based daycare? Oh. Then WHY IN THE HELL did she buy a .5 million dollar home?

She said her mortgage broker inflated her income and asset value to put her into a mortgage she could not afford.

Oh well OBVIOUSLY. No way is this her fault. I mean there’s just no way to expect a person to really be able to add up the dollars they pull in a month and compare that to a mortgage payment (and yes, even with an ARM its pretty easy to see if you’ll be able to afford the monthly payments or not).

I’m not alone in my reaction to this story. As of this writing, there are 249 comments to the Baltimore Sun article. The popular opinion is most definitely NOT in Veronica Peterson’s camp.

Both Veronica Petereson and her Mortgage Agent are at fault here and both need to face the music (though who knows… maybe the mortgage agent has already been arrested).

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