Consumer Law

Booming Business in Boat Repos

By Christopher Peterson

The New York Times is reporting a rising tide (note the ironic pun) in boat repossessions. --Just one more example of the America's problematic debt culture. Here's the lead:

So many people have so many things they can no longer afford. This is an excellent time to be a repo man. When a boat owner defaults on his loan, the bank hires Jeff Henderson to seize its property. The former Army detective tracks the boat down in a backyard or a marina or a garage and hauls it to his storage area and later auctions it off. After nearly 20 years in the repossession business, Mr. Henderson has never been busier.  ....

Full post as published by CL&P Blog on May 20, 2008 (boomark / email).