There is a 'it can't happen here' event happening in America as a result of the mortgage meltdown. You can read one article here.

 

Let me paint you a scenario. For the last several years, there has been an industry develop that is sometimes called 'house flipping'. This is the practice of buying a house, renovating it quickly, and then selling it for a profit. A good way to make money, right? Support home depot and the contractor industry, recycle houses, and make some quick cash for your efforts. Nothing wrong with that.

 

Except that some of the people who flipped houses did so by buying them with the screwed up mortgages that companies such as AIG are in such trouble over. But they didn't sell them, they rented them out. Still a good way to make money, right?

 

When the housing market collapsed, these landlords were swept away along with everyone else that was touched by it. Oh well, it's tragic, but they took the risk, right?

 

The problem is, when the bank forcloses on these landlords, they are banks that are in New York or L.A., huge institutions that have no connection with the people who own the houses or rent them. And they're only required to notify the mortgage holder of the forclosure, they don't even have to tack a note on the door.

 

So what happens? You rent a house. You pay your rent on time every month. Then one day, the sheriff's deputies knock on your door and tell you that you're being evicted. You show them your rent payment receipt, but that doesn't matter, you don't own the house. And the mortgage company was never required to notify the occupants of the forclosed house, so you had no idea there was any problem. So within hours, there you are, standing on the street with all your posessions, with no place to go. You don't have enough money to rent another place, you paid your rent and bills this month. You can't even get your deposit back, because you'd have to sue your now bankrupt landlord. So while you're trying to find someplace to go, you leave your posessions on the sidewalk, and people steal them. You've done nothing wrong, and you're paying for the greed of the wall street investors with your own personal posessions.

 

This is happening to the elderly on a fixed income. To single mothers with children. To families that were already struggling to make ends meet, who did absolutely nothing wrong, except rented a house from the wrong person.

 

Fortunately, at least one sheriff has halted these evictions in his district. But he could very easily be held in contempt for not performing his duties as directed by the court. I hope this doesn't happen, but if it does, it is an indication of how twisted our legal system has become. It protects the men who devistated the world economy, took a huge government bailout that comes out of the taxpayer's pockets, and made plans with it for a half million dollar weekend 'celebration' excersion to a resort island.

 

This is a true American tragedy, and a wake up call to all of us, it can happen here.