Jose Canseco Loses Home To Foreclosure Or Does He?

Posted on May 1, 2008
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I just read this article on Yahoo News about Jose Canseco loses his home to foreclosure. Yahoo News made it a point to say that Jose Canseco was the first celebrity to admit to losing his home to foreclosure due to the housing crisis.

Boy, at first glance you’d think things were tough when someone like Jose Canseco loses his home to foreclosure! 

But read on in the article. Please.

You’ll see that Jose said he let the home go back because there was a judgement on it and he didn’t see any reason to keep paying on a home that he didn’t own (umm…isn’t that what everyone who has a mortgage is doing?) Yeah, I know what he meant, but it’s not what he said.

“I do have a judgment on my home and it to me is very strange because it didn’t make financial sense for me to keep paying a mortgage on a home that was basically owned by someone else,” he said

Okay, so he let his home go into foreclosure rather than pay the judgement.

So now the Yahoo News (which is syndicated from Reuters) goes on to say this in the next paragraph.

Canseco said the foreclosure was not a difficult issue emotionally. But he sympathized with the millions of other Americans who have already lost, or face losing their homes, because of soaring interest rates on sub-prime loans.

Yeah, I’m sure Jose knows how the Family losing their home to foreclosures due to rising interest rates feel.

Now that you’ve read how Yahoo News and Reuters spun the story, let’s look at the truth.

Jose Canseco had a judgement against his home. Nowhere does it say he couldn’t afford his home or that his mortgage payment skyrocketed so high he couldn’t make the payments. Let’s be honest, I bet he didn’t use one of those “interest only” loans to get into the home. 

The fact is rather than pay the judgement, he’s letting the home go back. Yeah, he’s shirking his responsibilities then trying to blame it on the housing crisis. And Yahoo News and Reuters is playing right along, jumping on the bandwagon trying to make the housing “crisis” sound worse than it is.

Another fine example of how the left in the Media spin stories to make them say what they want.

The real title of the article should had said:

Jose Canseco Shirks Responsibility and Lets Home Go Into Foreclosure

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