I was under the impression that the Creative Investment Club convened on another website.
There are two homes involved, and we’re apparently not talking about someone whose original motivations were limited to providing shelter for her family. There was apparently a profit motive involved, which moves this conversation in an entirely different direction away from portraying her as the victim.
There isn’t just one human face involved in this problem nor one set of poor decisions – there are several. There’s the loan originator who apparently “qualified” their borrower for far more payment than she could handle; there was the lender who allowed the LO and this borrower to get away with overstating income and other qualifications on a mortgage application; and finally there was the investor who bought the POS loans without performing their due diligence to ascertain their true risks.
That’s if the original purchases were straightforward and there was no other problems, like an overstated appraisal from a “cooperative” appraiser.
There are plenty of human faces who participated in this process and who fed at this trough. Had Dina’s gamble worked our like her mentor Carlton said it would I doubt there’d be talk of feeling sorry for her right now, despite any of the lying it would have taken to fraudulently enable those profits.
Here’s some compassion – we’re glad that the forces of the market will soon relieve Dina of the mental burden she’s carrying right now. By getting it over quickly she’ll be able to put her pain behind here rather than having to face the long slow bleed only to eventually succumb anyway 5 years from now. With her contaminated credit and her losses behind her she’ll be able to commit her full attention on her day job and thus contribute meaningfully to our society.
As for being “helpful”, I think it’s because of RE brokers and LOs who wanted to “help” Dina that she’s in this mess.
Wait!! I gotta go!! There’s another episode of “Flip this house” on TV right now!!!