Postal Worker Steals Stamps to Pay Mortgage

May 12, 2009 No Comments »

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Another sign of the times.

A United State Postal Service worker has been accused of stealing stamps to pay his mortgage, according to CNN.

An arrest warrant has been issued for Macomb, Michigan resident John Auito, who authorities say stole $20,000 worth of first-class stamps in the hopes of selling them at auction online.

The postal employee of six years resigned after investigators confronted him on April 30, and has since made arrangements to turn himself in.

Auito was apparently stealing stamps that were being shipped to retail stores, putting them up for bid on EBay at below-market prices, and using the proceeds to pay his delinquent mortgage payments.

This isn’t the first time a homeowner has gone to extreme measures to pay the mortgage; back in August, a Long Island truck driver elaborated a fake robbery to make good on his commitments.

And months earlier, pop star Michael Jackson considered performing in Vegas to raise money to repay the mortgage on his Neverland Estate that was eventually lost.

But it’s no wonder homeowners are having a tough time keeping up with the mortgage, as the U.S. Census Bureau recently found that more than 7.5 million people, or roughly 15 percent of American homeowners with a mortgage, spent half of their income or more just to pay the mortgage each month.

If only mortgage lenders were more forthcoming with loan modifications

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