2009-07-31nytimes.com

Mr. Crawford, who moved out of the home two years ago, has found three buyers for the property in an effort to get out from under the problem. Each time, Bank of America has blocked the sale, refusing to accept less than it is owed — a short sale, as such deals are known. The first buyer offered $620,000 before walking away early last year. The latest offer is for $465,000.

“How can these people be in charge of so much money?” asked Mr. Crawford. “They’re just not responsible — not for themselves, certainly not for me, and not for the economy.”

They can keep this up as long as the government provides a "prop" for them to keep the loans booked at full value. Then the game is about preventing value realization, and racking up fees.


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