Went to a friends house for Thanksgiving. They are renting. The husband told me that they had been contacted by a bank that told them the house was being forclosed on. I told him he needed to be carful not to get stuck having paid rent for the following month and then get evicted. He said the owner was a man from Ireland and that the man paid $970,000 for this house which in my opinion was way more than it was worth. When I got home I started thinking that if he the foreigner had gotten a loan for an inflated house value and then collected rent for half a year without making a payment on the house and possibly being in cahoots with the builder of the subdavision pocketing extra cash there was nothing the american bank could do to collect. Then I went to the local tax assessors site and found that all the homes in that subdavision were purchased at over valued prices by foreigners. And according to my friend most of the homes were going into forclosure. It seems to me this is quite a scam on the American banks and who would have been aware of the fraud is a big question. But it makes me mad that some hard working persons cash that was used to make these loans was invested in such a foolish manner. And to top it all off the big BAIL OUT plan will probably be going to banks that have made the same stupid mistakes. There got that off my chest. ha ha