Extreme Home Makeover goes bust
I haven't been this angered by a news story in a long time. A family on Extreme Makeover got a free pimped-out mansion with no mortgage, plus a $100,000 stiped to cover carrying costs such as utilies, insurance, etc.
The couple is now in foreclosure. After the makeover, they took out a $450,000 home equity loan and invested it in a speculative construction company that apparently didn't do too well.
It's stories like this that make me believe that no matter what helping hand you give people, it's just easier for some people to be broke. (The $100,000 homeless man story comes to mind too. And this $54 million dollar lottery winner.)
And they all had access to financial advisors.
I'm speechless.
posted by Alan Corey @ 6:20 PM
4 Comments:
Some people never learn. It never ceases to amaze me.
It's people who piss their money away that always wants a government bailout.
I couldn't agree with you more! I don't understand why they were able to take out the home equity loan in the first place. Should they be the title holder of the home? Very disturbing to me.
This story pisses me off more than anything I think I have ever seen! I have ALWAYS hated taht show! Now I have documented proof why! I would much rather see a show that documents people paying off debt and becoming wealthy the old fashioned way!
So sad, so true.
You can regulate the mortgage industry, the subprime lenders, and even the CDS market - but you can't regulate GREED and the belief some people have that they are "owed" - even after getting a windfall that they were NOT owed.
Fascinating but sad.
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