Tag Archive for 'subprime mortgage crisis'

Andrew Sullivan embedded the heartbreaking piece on what happens to foreclosed homes.

Though I’ve been reading about “jingle mail” since last winter, I never realized that people abandon their homes fully furnished.   Not only are they losing their largest and most expensive (bad) investment, but many people leave behind closets of clothes, computers, family pictures, children’s toys, and even grandpa’s ashes.

Worse, the companies hired to clear out the homes have been unable to find a charity that can take perfectly usable furniture and clothing for resale on the low-end charitable sales market because the timing doesn’t work out.  (Part 1, Part 2)

Where do people wind up after losing their homes? They downgrade to apartments, stay with family, and some wind up in tent cities that are springing up across America.