Foreclosure Realtors throw a big party.....sick

[Tampa Rob]

Homeowners’ Hard Times Are Good for the Foreclosure Business

PALM DESERT, Calif. — The celebration started early Saturday, with poolside music and drinks, as partygoers passed around business cards and compared notes on successful techniques for evicting residents who try to stay in bank-owned property, a process they call “cash for keys.”

The Reomac conference at the Desert Springs J. W. Marriott formally began on Sunday, with a golf tournament.
One woman in a T-shirt walked around with a hand-written sign that read “Bank Property” affixed prominently to her chest.

Welcome to the spring 2009 Reomac conference, which has attracted nearly 3,000 real estate agents and property managers to this lush desert resort. The crowd brimmed with a gusto that is hard to find in this recessionary era. The hotel bar did more business on Saturday night than it did on New Year’s Eve. Small wonder: These are the people cashing in on the boom in foreclosed properties.

R.E.O. is industry lingo for “Real Estate Owned,” the term that bankers assign to homes they have taken in a foreclosure. Reomac is the industry group that serves the mortgage default trade, specializing in selling the busted-up American dream.

http://www.nytimes.com/2009/04/06/us/06convene.html?_r=1&th&emc=th


You know, I realize that people will profit off this....but some of the comments in here...just...ugggh.

TR