Housing

We Take Toxie On The Road

Muffin

Richard Koenig defaulted on one of the mortgages that's part of our toxic asset. Chana Joffe-Walt/NPR hide caption

itoggle caption Chana Joffe-Walt/NPR

Our latest payment from Toxie was supposed to arrive this week. Once again, we got zero dollars and zero cents.

Our little toxic asset isn't quite dead yet (here's the live stream where you can see how she's doing). But it's been months since we've seen a payment.

So before she's gone, we figured we'd try to learn what she's all about — not just loan-to-value ratios and unpaid mortgages, but actual houses and actual people. People who aren't paying us back.

With the help of some reporters from the Sarasota Herald-Tribune, we got a few names, made a few phone calls and took a field trip to Florida.

We saw lots of the houses from the outside. But in the end, only one homeowner would meet with us: Richard Koenig, a charming 81-year-old man with a dog named Muffin.

He has no plans to pay back the $300,000 mortgage that's part of Toxie.

For more on Koenig, read our post from this morning.

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