Whahhhh Whahhhh! I'm Black! (And NOT an Adult!)

Look, play that race card well.....

On a cold Sunday afternoon 10 years ago, Comfort and Kofi Boateng stood with Comfort’s mother and their three children before a quarter-acre parcel in a brand-new subdivision in the center of Prince George’s County.
The place was called Fairwood. They stepped onto Lot 71, an empty stretch of gravel, and closed their eyes and bowed their heads. Comfort raised her hands to the sky.

$617,000 worth of house on approximately $110,000 in gross income, living in one of the highest-tax areas of the nation.
If you read Leverage you know that the historical "safe" leverage limit for home buying is 28% of one's gross.  This purchase was close to doublethat safe limit.
Of course this is called a "plight", never mind that the two have not made a mortgage payment in over 2,000 days, or more than six years.
That's right -- these folks are "plighted" and "horribly damaged" and it's all someone else's fault despite living for free in a $600,000 house for more than six years.
Why six years?  That's kind of obvious -- the banks do not wish to recognize the loss on resale of the house that is worth far less than was lent on it, and if they foreclose and then resell it, they'll have to do that.  So they "let" the couple live there for free because it makes their balance sheet look better. 
In other words this couple gets a "free ride" by aiding and abetting fraud at the lender who "granted" them the loan!
It gets even better.  Five years earlier than their act of stupidity with this house they bought a nicely-affordable townhouse for $129,000!
But then they decided to have more kids (a choice), and suddenly "needed" more house.  Five times as much house, to be exact, in dollar terms.
Oh, and that wasn't all.  There was borrowing going on by one of the spouses without the other's knowledge, there was Mary Kay, there was all sorts of financial engineering -- including signing a piece of paper at the closing that their financial situation had not changed while knowing it had as the husband had been laid off in the interim.
In other words they appear to have committed mortgage fraud as well.
But they're victims, you see.  They were taken advantage of, despite being active in the deception.
Never mind the magical thinking.
This, my friends, is what's wrong with this country.  Refusal to call things what they are, to take responsibility, to be adults, is why we're here.  It's why we all think we deserve big houses and expensive European cars, it's why we believe those teachers, firefighters and cops who claim to deservepension payments and medical care for life at our expense, it's why we believe prices never go down, always up and that they do so magically, not by destroying the value of the currency.
In short we deserve what we got in 2008 and what we are on the brink of getting now, which is going to be several times worse than 2008, because we not only refused to face reality then we continue to do so today.