I had a chance to meet Scott Brown in Santa Monica earlier this week. Scotty is a real estate agent working on the higher end of the market with properties in Malibu. One might think that that part of the market would be immune to the foreclosure issues facing lower price points, but that’s not the case.
Scotty breaks down the ridiculousness of kicking people out of their homes rather than modifying their loans. Surely, it would be easier to adjust someone’s mortgage to the market’s realities than to boot them out, only to sell the property for pennies on the dollar.