Friday, March 14, 2008

Foreclosure Arson

Every week, there is news on the mortgage crisis. You can't escape the headlines about foreclosures. The USA Today paper is usually plastered with a mortgage-crisis headline. This past week, the headline reads that mortgage borrowers are simply walking away from their home, succumbing to foreclosure instead of losing more money. Also, borrowers are dipping into their 401K's to stay afloat.

In a video today on, I was shocked (but not too terribly surprised) at the latest foreclosure news: Homeowners committing arson as their homes face foreclosure. As a former firefighter, I consider arson to be a deadly sin. While arson might seem, in a moment of hopelessness, a way to successfully get insurance is a deadly game of premeditated crime.

"Sheryl Christman was sentenced last month for setting fire to her Michigan home. She thought insurance money could help her catch up on her past due house payments."

"...and after a conviction, homeowners still owe the bank hundreds of thousands of dollars."

correspondent Chris Lawrence

Unfortunately, most of these convicted arsonists only receive probation. A slap on the wrist for a premeditated criminal act, costing taxpayers and insurance holders money, and risking lives of all involved.

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