The Loan Crisis on LI

Newsday has a special series on "The Loan Crisis on LI"
It is a multi part series talking about loans and it's effects in the past, present and the future. You know it's bad when Newsday (MSM) starts talking about these issues.

Regardless of greed, ignorance, or wishful thinking, anytime someone loses a house, it's pretty sad. Some of the stories are really sad.
The story talks about the Schels who had to refinance. I have no idea why they had to refinance. But Larry Schel has cancer. The story did not seem to mention they had to refinance because of the cancer. If that was the case, it would be understandable. So I am assuming they took the equity out for other reasons.

Another story talks about the effects of mortgages are having on businesses as people do not have the Housing ATM. One of the owners of a restaurant talks about Schels frequenting their restaurant five to six times a week. This kind of things bother me. How about SAVING BEFORE you have a problem? How about going to the restaurant only two to three times a week to save some money?

I am going to look at the story about how businesses are being effected tomorrow.

http://www.newsday.com/business/ny-enreal-gallery,0,7230934.storygallery