The scene unsettles some. Yet, as one analyst says, these are unique times. Yes, very, very unique times… Perhaps the best way to describe it is: The Wild West Rises Again. Look closely and you’ll see investors avidly searching for gold in the wreckage of the mortgage crisis and riding high astride those wild west horses.
Some say it’s the ‘X factor’ that’s drawing investors: the edginess of the gamble and the pursuit of a deal. And deals there are, to be sure… deals revealing capitalism at its best. Or worst.
And yes, many are troubled at banks’ willingness to settle at auction rather than give more substantial concessions to struggling homeowners. But something has to be done with all these over-mortgaged, under-appreciated houses.
So more quietly queue up to take care of what’s got to be called a ‘dirty little secret’ about the ongoing recession. Money to be made off others’ misfortune.