Another Garrett County/Deep Creek Lake short sale contributing to the pain being felt on Wall Street and Main Street ..

Since the sale price listed here is well below the $400,000 loan amount from May 2007 we can assume that M&T Bank (or whoever they sold the mortgage to) took a significant loss on the sale of this property. The really sad thing is that sales like this one are robbing banks and financial institutions of the necessary capital they need to make loans for hard-working folks and small businesses who are responsible enough to repay any loans they might receive. Maybe in the new bailout bill Congress can ask the CEO of the company who approved this loan in the first place, the real estate agent who made a large commission from this sale and the previous homeowners who basically got a gift from the bank to contribute a portion of those proceeds towards the roughly $1trillion that might be necessary to fix this mess. That sure makes a lot more sense to me.

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