Foreclosure Epidemic in America, I.O.U.S.A. - From Crack to Debt
(post by BT) Remember in the 80’s, those posters, billboards and commercials about drug use? You would see them all the time? Remember “Crack is whack!” “This is your brain on drugs.”? Well, driving in Midtown Manhattan the other day, I noticed a different kind of message dominating… The new dominating theme is, suddenly, FORECLOSURES! And DEBT! Folks, foreclosures have replaced the drug epidemic of the 80’s instead of “say no to drugs”, it’s “repair your credit”, “foreclosure specialists”, and “losing your home? we can help”. Wow!
The new documentary called I.O.U.S.A. is called the “inconvenient truth on American debt”. You can watch the I.O.U.S.A. trailer here. We wrote about loan modifications, mortgage delinquencies, and the confusing Foreclosure Prevention Act measures, and how I am really not sure we’re helping ourselves by encouraging lack of responsibility and doing little to stop the debt addiction.
I spotted many of these ads… Took this one while waiting on a red light:
And can’t tell you how many brokers are suddenly foreclosure or short sale specialists:
