The borrower borrowed 200 grand,the bank foreclosed and sold the farm for 160 thou and wrote off the remaining 40.The farm was the collateral for the loan,if the bank want to loose some of the money invested by selling below value then that is their problem IMO
The original borrower has nothing left,its not like he cashed the money.
one can take it one step further and say the new buyer ended up with the 40 grand gain,so they should tax him instead.
But maybe i don"t see it straight,its not the first time
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Today's Featured Article - A Brief History of Tractors in Australia - by Bob Kavanagh. After Captain Cook's exploration of the east coast in 1770 the British Government decided to establish a penal colony in Australia. The first fleet arrived in 1788 and consisted mainly of convicts who were poorly equipped and new little of farming techniques. The colony remained far from self-supporting and it was not until the early 1800's that things started to improve. Free settlers started to arrive, they followed the explorers across the mountains and where land was suitable set up farms. T
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