Thanks for putting the story together. There is some serious issue if the banks willing to modify loans for people like Zakaria.
My parents purchased a home in San Francisco about 10 years ago for 250K. They refinanced it twice for lower interest rate without taking any equity out. Their payment today is less than $900 a month. As for Zakaria, he also refinanced his house two times but his old payments before modification were $3000+ per month. What did he do with the money pulled from refinances? Use it like an ATM and start his pizza business? Why should our tax dollars bail out people who are fiscal irresponsible? Should we bail out the financial investors who lost a ton in the stock market? People like Zakaria and the Filipino lady who chained herself to her mouse in Mira Mesa make me sick…WTF is wrong with this country!!!
Before anybody calls me a racist, I am an Asian like FLU.
