Chris Lovett provides an interesting look at sub-prime mortgages and explains why the president's plan for dealing with the mess will do little to help places such as Dorchester, with a look at the condos of 43 Whitfield St., just outside Codman Square:

... After its conversion to condos, all three units were sold to a single buyer in February, 2006, each for $330,000, and each with a mortgage from a different lender. On paper, the buyer was committed to using two of the units as his principal residence. On a third unit, the lender waived the occupancy requirement. Within 19 months, there were petitions to foreclose on all three units.

By October the "contractor special," unit 3 at 43 Whitfield St, was on the market for $77,000. An ad says the unit has been gutted, with the start of a rehab and "some great extras," including "the start of a marble bathroom," not to mention a jacuzzi tub and "some new cabinets."

At least unit 3 might be better than unit 1, which is on the market for only $63,000, and which an ad says is only "partially gutted." Also mentioned in the ad: "There is no kitchen and no working bathroom." ...