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The City Paper runs the numbers on the Baltimore Sun’s chosen ‘victim’.

July 31, 2008

Like so many others, Baltimore City Paper writer Edward Ericson Jr. takes issue with yesterdays Baltimore Sun font page housing foreclosure victim.  Mr. Ericson took the time to run a few numbers on Veronica Peterson’s mortgage and came up with a perhaps not so surprising revelation:

Victim Mentality

But it appears that Peterson made few–if any–payments. The foreclosure was filed July 31, 2007. The balance on the main note then was $435,735.86, plus unpaid interest accrued from Jan. 1, 2007, plus $1,005.72 in late charges. This suggests that Peterson made, at most, one payment on her house: the December, 2006 payment. Given the grace periods typical in home-mortgage business, it is at least as likely that her first payment was not due until January 2007, which would mean she has made zero payments.

So basically it looks like Peterson managed to game the system and live in a half a million dollar home for a year practically for free.  But remember, she’s the victim and the banks, who allowed her to go for a year without payment before forclosing, it the villan.  In Peterson’s own words:

“This bill doesn’t do anything for the people who have lost their homes or are in the process of losing their homes,” Peterson said, according to The Sun. “All the laws passed have been basically to help the lending institutions.”

Well of course…. because obviously taxpayers should be required to keep you in your McMansion…  while you pay nothing.

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