Bleeding A Neighborhood To Death Through Foreclosures
Foreclosures are incredibly violent events that affect more than just the home owners and their immediate families. Each home lost to the banks becomes a deep, cutting wound, bleeding whole communities and leaving the survivors traumatized. It's a war out there in this economic mess we call the "Sub-prime mortgage crisis".
Google Earth and Google Maps have become incredibly resourceful tools for tracking wars and conflicts all around the world. What you see here is a screenshot of a mashup created by USAToday.com using Google Maps and the public records of the foreclosures of a neighborhood in Denver, Colorado. Each foreclosed house or property is dyed in red, making them look like open wounds in this battered community.
USA Today has done a marvelous job with Google Maps at showing how violent a foreclosure frenzy can get.
[Image Source : Screenshot of USAToday's Google Maps foreclosure mashup, Denver foreclosures: One hard hit neighborhood at a glance]
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What ever happened to personal responsibility?
If you do not pay close attention to a loan document that puts you in debt for several hundred thousand dollars, then what do you read carefully?
Why should we bail out banks that made bad loans to persons that made bad financial decisions?
Why bail out home builders for building homes that the market in hindsight did not need?
If a person cannot afford to buy a home then we should not lend him the money to do so.
When the market was boiling over did anyone ask if it was right to sell a house for twice what they paid a year earlier?
I own a home, I paid the market mortgage rate, I did not buy over my head, so why should I subsidize those that took their chances?
IN Vegas if you lose your gamble you cannot ask Congress to give you your money back.