Feb 24 2009
CNN finds a sympathetic face for the mortgage crisis, but ignores the truth
CNN provides this clip of their poster child for mortgage reform.
On the surface she seems sincere and sympathetic, but the more you watch the more questions this raises.
To start, why are they in foreclosure?
Yes, I get that her property equity is upside down, but that does not affect the loan payment.
So why are they behind? Was she laid off? I could support that. Was her husband? Same.
Granted, even she admits that they bought more than they can afford, but without explaining why they are in foreclosure, this appears to be a couple whining that there house is upside down value wise.
And that addresses the people I am the least sympathetic to: People, and she is made to seem this way in the video, whose only problem is that their investment is not working out so well.
The CNN article milks the heart strings. She will lose everything…the house is at risk.
Everything is there but the simple raw facts as to why. This is journalistic malpractice.
And sadly, this is typical of the MSM.
I will not lock this in stone. If CNN or some other source wishes to answer the real questions and provide context, I will happily retract and modify this blog.
Oh…and the reality of the problem did come to light in the clip. At 1:30 this is revealed:
ACOSTA (voice-over): Foreclosure experts say America’s home buying culture must change the president’s plan to work.
PHILLIP ROBINSON, FORECLOSURE ATTORNEY: We lived in a culture in the last ten years where mortgage originators said that you could use your house as a credit card to pay off your cars, to pay your credit card bills. Well, that doesn’t exist anymore.
Well finally someone said it. Buying hopes as a place to live and raise a family has become secondary to buying an investment to pay for everything in your life.
In reality most of the financial woes of people are rooted in mismanagement of money and credit.
Exit question: If they never are allowed to fail, how will they ever learn to succeed?
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2 Responses to “CNN finds a sympathetic face for the mortgage crisis, but ignores the truth”
CNN could not find the truth about anything even if it bit them in the ass.
What she doesn’t tell us is that she owned at least 3 properties from 2006 to 2008. Poor woman.
She has owned a condo at 6001 Arlington #721, Falls Church, VA since 1999.
She purchased 3438 Charles Street, Falls Church, VA on 1/05/05 for $510,000 and sold it on 6/10/08 for $429,000.
Her current home - 1920 N. Dinwiddie Street, Arlington, Va -was purchased with her husband (Luis Guillermo Flores) on 11/16/06 for $800,000.
Looks like they just got greedy. Are these the poor people that we’re supposed to help????