Would-Be Times Square Bomber: Victim Of The Housing Crisis

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Also a University of Bridgeport business school grad!

At the time of his arrest, Faisal Shahzad and his wife, Huma Mian, were facing foreclosure on the compact home of gray vinyl shingles they owned on Long Hill Avenue near the center of Shelton, Conn. He is "financially bankrupt," said a high-level official briefed on the investigation. Neighbors and brokers said Mr. Shahzad and his wife had moved away and abandoned the house months ago. A lockbox with a key was on the front door, and the lawn was being mowed on behalf of the bank, J.P. Morgan Chase & Co., which issued the mortgage when the house was purchased in 2004.

Mr. Shahzad bought his house that July for $273,000, brokers said, with 20% down and an 80% mortgage with Chase. It was a new house built on a lot in an existing neighborhood. Brokers said he used the proceeds of the sale of a condominium he owned in Norwalk, Conn., to pay for it. He later added his wife to the deed. Chase Home Finance filed a foreclosure action against the couple last September, and court dockets indicate they didn't show up to defend themselves. They were listed as "non-appearing" parties. The most recent papers were filed in the case on April 23.

Mr. Shahzad received two degrees from the University of Bridgeport—a B.A. in 2000 in computer science and engineering, and an M.B.A. in 2005. Professors there said they had been discussing Mr. Shahzad for much of Tuesday morning, trying to recall what he was like, yet few were able to remember. Prof. Robert Todd said his records showed that Mr. Shahzad was in at least one of his classes, but "I don't remember the kid," Mr. Todd said. "He was not obviously outstanding or horrible."


From New Citizen To Suspect In A Year
[WSJ]

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