Click on the image below to read The Sacramento Bee's website story about how Tom Sullivan is trying to sell his expensive Granite Bay, CA home in a short sale. Does Tom Sullivan quaify as one of the many people who helped make the housing crisis in America? In my opinion, he and his wife surely don't qualify for a short sale.
Now, in my opinion, here is how Tom Sullivan helped make the housing crisis what it is today:
1: He/wife purchased their expensive Granite Bay home in 2004 for $2.5 million.
2: According to the article, he got a mortgage for $1.6 million.
3: He must have put $900,000 as a down payment.
4: He/wife tried to sell his home in 2006 for $2.9 million. That would have given him and his wife a $400,000 profit.
5: He/wife couldn't sell the house at that time in 2006 and subsequently the housing prices started to fall.
6: So now, in 2010, asshole Tom Sullivan and his wife want to short-sell their home so the bank takes the biggest loss and not them.
7: The Sullivan's did exactly what others were doing back during the housing boom: They jumped on the bandwagon and bought an expensive home thinking they could sell it for a profit in a couple of years with the attitude that housing prices would continue to go up.
It would seem to me that the responsible Sullivan's should have enough money to honor their contract with the bank.
