Chicago Life and Style.

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Day: Tuesday, September 15th, 2009

Great idea for lenders to cover the costs of foreclosures!

A friend of mine just sent me an article about a bank executive at Wells Fargo who was fired for using a foreclosed property for parties and personal use. See the full article here. Her actions are deplorable of course.  But now lets look at this with a little humor.

Someone ought to start a business that banks can hire to manage their foreclosed assets and plan events to support them! Think of it, lets call it Fore-C Event Planning. You, Wells Fargo, can hire us and we will plan and manage parties in your foreclosed properties–its a great idea!  We would of course work closely with the neighbors, manage the security etc for the events. It creates exposure for the property, making it easier to sell, and having a property occupied even on occasion is better than totally vacant.  That way its less likely to be vandalized, any issues are immediately noticed and handled and regular cleaning after events keeps it in top shape. It might even be a good way to revitalize a neighborhood!

With a minimal cover charge for the event we could probably cover the debt service on the note!  Think big, not just parties but office meetings–all you need to bring are folding chairs and you can project your power point on the blank walls! Wedding receptions? Or maybe even small events, like cub scouts meetings or scrapbooking parties!

Ok, its a ridiculous idea. There is the issue of permits and insurance and a whole host of practical problems associated with it. But, it’s nice to think of a happy way to solve what is at its core a seriously depressing and widespread epidemic. And if anyone reading this actually find a way to make it work–I want in!