Vigilant Investor

The new buyers of a rundown graystone on the South Side showed up Jan. 9 to look at the house they won at a foreclosure auction. They took the plywood off the front door and went inside to make sure the utilities had been shut off. Then they called the police.

Sitting upright in the corner of a bedroom off the kitchen was a human skeleton in a red tracksuit. Next to him lay a dead dog. Neighbors told police the corpse was almost certainly Randy Johnson, a middle-age man who lived alone in the North Kenwood house.

The rest of the story is from the Chicago  Tribune…  A tale of just how deeply mortgage fraud was was ingrained in a housing bubble rife with the compounding dislocations inherent to massive money supply and credit growth.   The problem is still in the early innings and will take years to cleanse from the economy — unless the Fed and Congress try to wash it away with more money.  We expect lots of the latter.

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