MercoPress. South Atlantic News Agency

Even the Simpsons loose their home to foreclosure in the US

In the last episode of the emblematic television show of The Simpsons aired Sunday in United States, the Springfield family loose their home as have millions of US citizens dramatically dragged by the sub prime mortgage crisis that so much suffering and despair is causing.

Things started with Homer and Marge (Simpson) preparing for their big, backyard Mardi Gras party. The party even helped re-establish the difficult relationship Homer has with his neighbour for 20 years Ned Flanders. With the party in full swing, Homer reluctantly invited Ned to join and then at midnight, in the middle of the debauchery, Ned declared, “It's Ash Wednesday! Set down your gins and confess your sins”.

As the evening ended, Lenny asked Homer how he afforded such a lavish party every year. Homer explained that he had a magical thing called a home equity loan, so “the house gets stuck with the bill.” This, of course, is not how that works, and Homer's adjustable rate mortgage was about to reset. Unable to pay the new monthly rate, the house went into foreclosure and was auctioned by the bank.

Instead of losing their home, Ned bought it and let the Simpsons live as his tenants. As their landlord, Ned felt obligated to make home repairs and Homer and Marge took full advantage. But when Homer became dissatisfied with the way Ned was performing, he went to the local media to try and expose Ned as an evil, uncaring landlord.

Eventually, Ned was able to evict the Simpsons. The family spent some time in an absolutely packed homeless shelter. As Ned readied to rent to new tenants, he had a change of heart and invited the Simpsons back.

Homer's explanation of how he lost the house provides cautionary words: “It's a secret thing called a home equity loan. I get all this cash...and the house gets stuck with the bills!” Later he tells his mortgage broker, “When you gave me that money, you said I wouldn't have to repay it 'til the future. This isn't the future. It's the lousy, stinking now!”

According to the most recent data last January 274.399 homes, one out of 466, underwent foreclosure and were auctioned by banks, 18% up from the same month in 2008.