Interesting.
We do need a ton of reform and improvement here and now.
When a bank issues a (I'd guess a $120K mortgage) on a property worth $100K at best, they deserve the worst...even going under if they do this often enough.
I was in the market for this property, the owner bought it for $150K just two years ago, now the RE wants "just 100K" for it. The 2002 price was $74K..
This situation STINKS of greed and avarice.
As to the Dayton Ohio properties, issuing any mortgages on nearly worthless properties is insane!
Why was this done...???
I think our economy was "in the toilet" years ago due to an irresponsible government that covered up rather than fixing things.
Two wars, costly and un-necessary and a huge trade imbalance with China and OPEC.
Now President Obama is stuck with flushing this overflowing toilet and doing the things that should have been done years ago.