Good story, overall, I thought, but lacking in this regard.
1) He should have asked the homeowners if they received cash back when they bought.
2) He should have asked if they should get tax forgiveness. If their house goes down in value, it is no cash out of their pocket. The money on the short sales and foreclosures is out of someone's pocket.
3) he should have pointed out that CA is a non-recourse state.
4) he should have covered the fraud aspect of it more, I thought. Stockton was a place a lot of Bay Area people could "Drive till they can afford" and there was a tremendous amount of fraud, especially claiming that the property was going to be Owner-Occupied.
Gary Frimann
Signature Homes & Estates
(508) 846-8284
On the web: SIGNATURE HOMES & ESTATES
HI,
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