This is a story that was reported Monday on talk radio regarding how the mortgage bailout migh be unfolding! Hopefully there will be more complete reporting on this and others before things get too far.

http://www.howiecarr.com/

First you need to go to the "audio Vault" tab at the top of the page, then under shows click on the Howie Carr picture, then scroll down and click on any of the three audio links for Feb 23 2009, once you get to the audio player, go to the bottom of the audio box and move the marker to 25:05 position and start it there it goes about 3-4 minutes, enjoy!

Here's a rough transcript:

"I hope we'll have the story about this soon in the in the paper this this woman in in Dorchester she just got. She just got her 525000. Dollar mortgage. Restructured. Restructured to 221000. Hours. Okay 525 to two point one could ever get up that I you ask how did you ever get up that I. Let's go back and check out though let's go to these -- documents from the registry of deeds in Suffolk County. May 1996. She buys this property for in Dorchester for 70000 dollars borrows a 120000. What does that mean. She walks away with fifty grand cash. Okay. In her pocket in her pocket. To spend anyway she want him anyway she -- couldn't could be it too could keeper for my heavenly get a job for awhile you know. 19982. Years after she -- she walks away with 50000 at the cash she gets a new mortgage of 122000. Pays off the 120000 mortgage surely gets to -- on this one. January 2001. She gets a new mortgage of 213. Thousand dollars pays off the 122000. Dollar mortgage and walks away when my 81000 dollars in cash. Take this what they mean when they talk about the ATM machines here in these and again these a lot of the people who are going to be getting the bailouts. Because of those terrible greedy banks give him this money. -- 2003. She gets a new mortgage of 360000. Dollars which with which she pays off the 213 thousand dollar mortgage and watch -- with a 147000. Box. A year later fourteen months later. She gets paid -- mortgage a lot of and this is 2004 now she -- and no mortgage of 480000. Dollars pays off -- 360000. Dollar mortgage and walks away with another 120000. Dollars and up to -- usually playing closing costs on all these. I do mortgages I don't know envelopes and I do not she's a she's a victim -- I read in the paper she is a victim. Must be true then in January of 2005. She got a mortgage now for a 525000. Dollars 520. -- now. Obama. Well -- there'd they say now the it did she this last when she got she paid off the 480000. Dollar mortgage so she got an avid an additional 445000. Have you been Q have you been keeping track of this in your car. If you haven't. The and the money that she is taken out of the house at this point is of 2005 now comes to 456000. Dollars. Okay she's taken up 456000. Dollars but now she says."

this is exactly why these gov programs never work out, all the money meant for people who should get it is eaten up by the people that caused the problem in the first place. the answer we get is add more govt to oversee and still throw the money away. It really sucks to be an upstanding responsible homeowner right now. I am seriously considering skipping payments on my house until they offer me a deal.

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