Couple of things. First, there are only a few states out of the 50 that are experiencing a housing crisis and eventually all the other states will be protesting to all these taxpayer bailouts.
Second, every time I go through the long list of NODs throughout San Diego County, there are some people that extracted an incredible amount of equity from their property.
Now, what they did w/the cash is another story. Did it get all spent back in the economy? Did they put it in an offshore account, under a mattress?
Whatever was done, regardless of the fraudulent factor, there was “wealth.” Some of it was pumped back into the economy. Some of it may be stashed by the smart ones. (I would not be in that category, since I didn’t participate in the scam)
