Pierce told us her husband was a partner with David Jones in an home owner investment group. They would buy houses and rent them. But then the market tanked and the investments failed.
"Basically, any rent money goes right back into the mortgage, but it was never enough to cover the mortgage," she said.
That $1,200 a month rent only covered half the mortgage. Carolyn and her husband were hemorrhaging money with one house already defaulted and their mansion about to go into foreclosure as well.
Carolyn's says their financial situation was so bad her husband committed suicide.
It's probably fair to give Greenspan at least partial credit for this mortgage exec murder-suicide, too:
A high-ranking executive of a collapsed subprime-mortgage lender jumped to his death from the Delaware Memorial Bridge yesterday, shortly after his wife’s body was found inside their Burlington County home, authorities said. The deaths of Walter Buczynski, 59, and his wife, Marci, 37 - the parents of two boys - were being investigated as a murder-suicide, according to the Burlington County Prosecutor’s Office. Walter Buczynski was vice president of Columbia, Md.-based Fieldstone Mortgage.