The Aussie couple pictured above is very very happy.
The Australian dollar is at an all time high and they've just gone shopping for American Homes for 15-20 cents on the dollar! And the news gets even gooder!
The foreclosure victims will be hit with the loss of their original down payment and any built up equity, additional foreclosure debts such as paying for the ads to sell their foreclosed upon home, additional filings and paperwork and late fees piled on top of all kinds of penalties as well.
Rumor has it the american foreclosure victims may even get to serve as butlers and maids for the Aussies so they can pay down their foreclosure debt in 19 years, rather than 20.
Cashed up Aussies buy up big in the States!
When Barack Obama was asked what he thought of the foreclosed upon, displaced americans who may need decades to pay off their own foreclosure debt while the Aussies get such a great deal. Mr. Obama was rumored to have replied, "Shucks, we offered the banks A THOUSAND DOLLARS for every HAMP deal they could complete, who would have thunk that investors holding the note would not want to cooperate over such a generous offering to the bank!" (the bank and the note holder are not necessarily the same entity)
When Mr. Obama was then asked if perhaps the note holders would rather foreclose on the homeowner so they can keep the initial down payment, any accrued equity, charge fees and penalties including all the real estate ads needed to resell the home, plus resell the home so they can collect another down payment, Mr. Obama paused for a long moment and allegedly said "hmmph, maybe we should have offered the banks 1,500 dollars for every HAMPSTER, er, for every HAMP deal they made."
Thanks to ABC Australia for the report and Matt Weidner for getting the word out.