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Under the Abacus Deals

Wall Street Journal

reporters

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. Nice mix here of foreclosure stories, from a guy who got hit by a truck and a Romanian immigrant who got scammed by a predatory lender, to a woman in California's Inland Empire who worked as a nursing-home assistant and also somehow allegedly ran a daycare operation grossing $9,000 per month. "[S]he says she was having a hard time making the $5,000 monthly payments on her existing $688,000 mortgage, which carried an initial interest rate of 9.05%," the newspaper reports:

Perhaps the

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WSJ

reporters should have confirmed her $9,000-per-month income claim, but then again, we don't expect them to investigate the Easter Bunny every year. The Denver deal is the real doozy. Again, I say, the fraud at the bottom is a huge contributing factor to the crisis. We need to shut down this nation's land-scam industry before it kills again.

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