Further to our recent discussion about “We Buy Houses” scams, the New York Times explains these scams, describing how “financial predators are finding yet another way to take advantage of people” with the housing market tanking. #
News and meta-news about Charlottesville, VA, since 2001.
Sideblog
Police announced this afternoon that their investigation into what was initially believed to be a fatal fire on Rugby Avenue is now a homicide investigation. #
The Virginia Supreme Court has denied George Huguely’s appeal. His second-degree murder conviction will stand, WRIC reports. #
In a carefully worded story, and not citing specific sources, WTVR reports that forensic evidence belonging to Jesse Matthew Jr., the main suspect in the disappearance of Hannah Graham, matches forensic evidence collected during the investigation of Morgan Harrington’s 2009 murder. #
In the wake of Hannah Graham’s disappearance, and the evidence that came from private security footage, city officials are revisiting the question of installing security cameras on the downtown mall. #
Both Charlottesville Registrar Sheri Iachetta and former Electoral Board member Stephanie Commander have turned themselves in to the police on
foursix and four felony counts of embezzlement, respectively. #Ten years ago, the National Institutes of Health budget doubled and schools like the University of Virginia built massive new research facilities. A decade later, those buildings remain largely underutilized. NPR visits UVA in this story on the effect of federal binge and spurge spending in the sciences. #
In 2012, Council approved a new student housing complex on West Main—now some council members are questioning whether what they were shown matches what was built. #
The Architectural Review Board has approved a bike-themed mural on West Market, below the McGuffey Art Center, although at least one member expressed concerns that it might look like the bicyclists were riding away from Charlottesville’s downtown. #
City Police Chief Tim Longo is meeting with city leaders to work on protocols regarding the use of military surplus police weapons in Charlottesville. #
A 100-year-old Colonnades resident received military honors for her service in the WWII Women’s Army Corps #
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Caveat emptor.
A “loss leader” in a store ad is a scam in that it is deceptive. Matter of degree here.
I sympathize with the plight but not the pith of the the problem of people in trouble with their homes. It is prudent to look at any business deal in an adversarial fashion, something these buyers failed to do. The “I want” “I must have” syndrome played a part here and whose fault is that lack of discipline?
Many folks gambled, yes, that is the correct term, that interest rates will never rise over thirty years (home mortgage term)(simplified the problem here) or their income would rise to match outgo. An unbelievable risk. They lost the gamble. If interest rates did not increase and the banks lost the gamble, what then, would we be in deep mourning over the bank`s failure to make a large profit in their loan department? The banks are doing fine which, if you own bank stock, is great. There are many home owners who are eating the increase in payments and many who can`t. Devil take the hindmost is a well known maxim. Just don`t be in the hindmost category.
There are few businesses that will not take advantage of customers (if the customers let them) – I know of none. That is the nature of business. Small retailer or large Corporation.
The people who are now “preying” as it has been stated, on homeowners in trouble are merely following business practices, although to an unforunate degree. Someone who signs over the deed to their home because a business is “trying to help them” (have you ever heard such a pathetic statement?) is worthy of pity but certainly will not garner praise for their acumen.
If we put all business owners in jail for employing deceptive practices, the stores would probably all be in trouble, right down to the grocer watering his produce and coloring his meat.
It is not illegal, it is business. Deceptive – yes. Illegal? Probably not provable in most cases.
People deserving of sympathy? Sure. Whose fault? Theirs. It`s called life.