Baltimore Grows

I came across this really great story in the Baltimore Citypaper.  This further reinforces the point I made in an earlier post that many of the home foreclosures in Baltimore are greedy investors that got in over their heads.  While it’s great that these houses may ultimately be put to good use, stories like this across the nation have contributed to the financial crisis and will cost the rest of us taxpayers dearly.

This story in the Citypaper is about the owner of Caesars Forum Hair Salon (George Agelakis) located at the corner of Fleet and Patterson Park Avenue in the Canton area of Baltimore.  Apparently him and some of his cronies had conspired to by several properties in the area…mostly shells…through a mortgage game of financing one property to cover another.  When the bottom fell out, he foreclosed on millions of dollars worth of loans over several properties…which probably will end up as part of the bailout being covered by our taxpayer dollars.  I for one am outraged.

The story is a long and convoluted one, but a great representation of how America got into this mess anyway.  I suggest if you have a few minutes you read it!  I’m interested in hearing any comments anyone might have.

Click Here to Read the Article