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Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) |
El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 01:23 PM Original message |
People "walking away" from "upside-down" mortgages - Immoral? |
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gateley (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 01:25 PM Response to Original message |
1. I am in total agreement with what you say. Well done. nt |
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distantearlywarning (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 01:26 PM Response to Original message |
2. Immoral? Perhaps. But certainly nothing different than what banks would do to them. |
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roguevalley (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:19 PM Response to Reply #2 |
116. people need to try and renegotiate with banks. they don't want the |
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coalition_unwilling (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:47 PM Response to Reply #2 |
128. To quote HuckaJesus, Mitt Romeny will smile at you while he |
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Fresh_Start (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 01:28 PM Response to Original message |
3. are you suggesting we should mirror corporate morality |
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smoogatz (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:39 PM Response to Reply #3 |
47. Morality has nothing to do with it. A mortgage is a collateralized loan— |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:42 PM Response to Reply #47 |
51. DIND DING DING! Another Excellent point. |
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Fresh_Start (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:44 PM Response to Reply #47 |
53. people weren't pushed into mortgages |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:48 PM Response to Reply #53 |
58. That's really not true. Those mortgages were very aggressively marketed. |
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Fresh_Start (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:52 PM Response to Reply #58 |
60. the problem is that people bought homes they couldn't afford |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:02 PM Response to Reply #60 |
63. That's because in many markets, 85% of the population can't afford the median house price. |
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Fresh_Start (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:07 PM Response to Reply #63 |
65. The last two houses I bought are in the bay area |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:13 PM Response to Reply #65 |
67. You bought knowing that you were buying into a speculation-inflated bubble market. |
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Fresh_Start (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:20 PM Response to Reply #67 |
71. I bought in 9/2001 and 10/2004 |
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Lance_Boyle (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:36 PM Response to Reply #63 |
82. 'a lot of people decided to take their chances' |
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nightrider767 (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 05:02 PM Response to Reply #63 |
133. El Pinko, you are on your game today! |
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Joe Fields (1000+ posts) Send PM | Profile | Ignore | Thu Feb-07-08 06:11 PM Response to Reply #63 |
187. So, the buyers are stupid? Is that what you're trying to tell us? |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Fri Feb-08-08 03:16 AM Response to Reply #187 |
188. A lot were unsophisticated... |
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Lydia Leftcoast (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:17 PM Response to Reply #60 |
114. I didn't buy a house, but the pressure to do so was immense |
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scisyhp1 (84 posts) Send PM | Profile | Ignore | Thu Feb-07-08 01:27 PM Response to Reply #60 |
183. That is not the issue here. Many people walking away from |
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snappyturtle (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:36 PM Response to Reply #58 |
81. Bingo on the aggressive part. Not only aggressive for their own |
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slackmaster (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:39 PM Response to Reply #58 |
84. You are mixing apples and oranges - Aggressive marketing is not a crime |
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nightrider767 (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 05:05 PM Response to Reply #84 |
134. Taking the banks to court over complicated, misleading,, |
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slackmaster (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 05:08 PM Response to Reply #134 |
135. There are attorneys who specialize in that kind of thing |
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nightrider767 (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 05:43 PM Response to Reply #135 |
147. Not my style, but I assume you're right. |
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Chovexani (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 07:36 PM Response to Reply #58 |
149. Not only did they aggressively market them |
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smoogatz (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:52 PM Response to Reply #53 |
98. That's just not true. |
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Fresh_Start (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:00 PM Response to Reply #98 |
103. no one was walking down the street knocking on doors |
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smoogatz (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:08 PM Response to Reply #103 |
109. Come on. The mortgage companies, banks and real estate people colluded. |
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Fresh_Start (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:12 PM Response to Reply #109 |
112. Who forced you to buy a house? |
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smoogatz (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:15 PM Response to Reply #112 |
113. Nobody forces people into most con games; that doesn't make them legal |
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Fresh_Start (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:19 PM Response to Reply #113 |
115. most con games work because the targets are greedy |
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smoogatz (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:21 PM Response to Reply #115 |
117. That doesn't make them legal, or moral. |
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Fresh_Start (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:23 PM Response to Reply #117 |
118. and it doesn't make them innocent either |
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smoogatz (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:23 PM Response to Reply #118 |
119. How are you getting screwed? |
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Fresh_Start (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:26 PM Response to Reply #119 |
121. surely you jest |
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smoogatz (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:35 PM Response to Reply #121 |
122. So what would you have changed |
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nightrider767 (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 05:37 PM Response to Reply #122 |
146. Yes,,, the value went up like a rocket |
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nightrider767 (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 05:34 PM Response to Reply #121 |
144. Did you complain when the sub-primers, |
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nightrider767 (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 05:26 PM Response to Reply #118 |
139. I thought this was a progressive forum.. |
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nightrider767 (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 05:13 PM Response to Reply #113 |
137. Yes, smoogtz! |
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nightrider767 (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 05:09 PM Response to Reply #103 |
136. What an incredible over generalization... |
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Lance_Boyle (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:31 PM Response to Reply #47 |
78. bullshit - a mortgage is a contract |
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smoogatz (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:59 PM Response to Reply #78 |
101. Other consequences? What are you hoping for, debtor's prison? |
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Fresh_Start (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:02 PM Response to Reply #101 |
105. the deficit will be taxed as income 1099C |
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Lance_Boyle (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:06 PM Response to Reply #101 |
107. well, they can be sued for the differential |
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smoogatz (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:09 PM Response to Reply #107 |
111. How are you getting shafted? |
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lumberjack_jeff (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 05:28 PM Response to Reply #47 |
140. A person who does this has duly earned the shitty credit they will have. |
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ozu (203 posts) Send PM | Profile | Ignore | Thu Feb-07-08 12:50 PM Response to Reply #140 |
173. yes |
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Warpy (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 01:32 PM Response to Original message |
4. The problem is the tax law |
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coalition_unwilling (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:57 PM Response to Reply #4 |
131. I'm not sure I understand. If you walk away from a $600,000 property |
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Warpy (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 05:35 PM Response to Reply #131 |
145. Not if you financed the full $600,000 |
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coalition_unwilling (1000+ posts) Send PM | Profile | Ignore | Thu Feb-07-08 12:53 PM Response to Reply #145 |
175. That is really perverse, to say the least. Yes, you may have |
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Fredda Weinberg (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 01:32 PM Response to Original message |
5. What does morality have to do w/it? Creative destruction is |
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ORDagnabbit (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 01:34 PM Response to Original message |
6. considering the banks make money out of thin air its not immoral |
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Hydra (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 01:37 PM Response to Reply #6 |
9. Thanks for pointing that out |
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Horse with no Name (1000+ posts) Send PM | Profile | Ignore | Thu Feb-07-08 01:16 PM Response to Reply #9 |
179. And not only that--but the money the feds pump back into the magic act |
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Hydra (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 01:36 PM Response to Original message |
7. This is going to be a non-issue soon |
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islandmkl (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 01:37 PM Response to Original message |
8. you have it right...it isn't about moral or not moral... |
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rubberducky (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 01:42 PM Response to Original message |
10. When Countrywide said my home was worth $276,000 , 2 years ago. I knew |
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nightrider767 (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 01:48 PM Response to Original message |
11. I wouldn't be too quick to judge the "walkers". |
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renate (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 01:57 PM Response to Reply #11 |
14. you make a good point |
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nightrider767 (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:03 PM Response to Reply #14 |
16. It certainly is a complicated matter. |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:10 PM Response to Reply #16 |
20. Exactly - I was in the same position a couple years ago with Credit Card debt. |
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nightrider767 (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:20 PM Response to Reply #20 |
25. Ahh stress... |
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PRETZEL (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:22 PM Response to Reply #16 |
27. "Honor" as you put it was my own personal downfall, |
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nightrider767 (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:27 PM Response to Reply #27 |
30. My condolences friend... |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:27 PM Response to Reply #27 |
31. Tell me about it. My wife inherited almost ten grand when her mom died. |
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Dorian Gray (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:20 PM Response to Reply #31 |
70. Even if the govt did know about the ten thousand dollars |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:26 PM Response to Reply #70 |
75. It would have been overseas income anyway. |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:04 PM Response to Reply #14 |
17. I do think some of them made very foolish decisions. |
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nightrider767 (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:15 PM Response to Reply #17 |
22. I have a personal "bubble" indicator... |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:21 PM Response to Reply #22 |
26. LOL - little did they know the law wouldn't make a bit of difference! |
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Lance_Boyle (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:41 PM Response to Reply #22 |
86. NEVER follow the "dumb money." |
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nightrider767 (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:43 PM Response to Reply #86 |
125. Warren Buffet once said,,,, |
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Fresh_Start (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:50 PM Response to Reply #22 |
95. actually I don't think they knew the bubble would burst |
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nightrider767 (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:46 PM Response to Reply #95 |
126. Many of the banks who gave the loans out, sold them.. |
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lumberjack_jeff (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 05:29 PM Response to Reply #11 |
142. Hold on a minute. |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 10:43 PM Response to Reply #142 |
159. Many of the lenders falsified documentation to get borrowers approved. |
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NightWatcher (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 01:50 PM Response to Original message |
12. how does it help your property value if the bank forecloses and kicks them out |
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nightrider767 (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 01:55 PM Response to Reply #12 |
13. Plus in fairness,,,, |
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blondeatlast (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:01 PM Response to Original message |
15. Let them stay in their homes--and I bought with a traditional mortgage last year with a big down, to |
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nightrider767 (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:07 PM Response to Reply #15 |
18. Too late for many in Detroit... |
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blondeatlast (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:16 PM Response to Reply #18 |
23. Seriously, the smart thing for ALL is to not foreclose and let them make payments. |
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Ganja Ninja (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:08 PM Response to Original message |
19. As the saying goes, you can't squeeze blood from a turnip. n/t |
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Lance_Boyle (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:43 PM Response to Reply #19 |
88. if only you couldn't buy a house as a turnip... n/t |
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nightrider767 (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:48 PM Response to Reply #88 |
129. Or in this case, a "Tulip" |
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karlrschneider (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:12 PM Response to Original message |
21. Morality isn't a consideration if there's no alternative. Even the price of money tree seeds |
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taught_me_patience (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:19 PM Response to Original message |
24. Completely and totally immoral |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:22 PM Response to Reply #24 |
28. They lose their home and their credit rating. |
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jgraz (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:27 PM Response to Reply #24 |
32. The upper class counts on this kind of attitude to help them make their yacht payments |
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nightrider767 (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:34 PM Response to Reply #32 |
40. Brilliant jgraz! |
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taught_me_patience (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:17 PM Response to Reply #32 |
69. This post is plain ignorant of the situation |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:23 PM Response to Reply #69 |
73. I think the poster meant Countrywide's well-heeled investors. |
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jgraz (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:29 PM Response to Reply #69 |
77. Yes, that's exactly who I meant when I said "upper class" |
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KansDem (1000+ posts) Send PM | Profile | Ignore | Thu Feb-07-08 01:24 PM Response to Reply #32 |
181. Well, the home owners lose their home... |
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Angela Shelley (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:30 PM Response to Reply #24 |
34. Buying a home is a speculation. |
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nightrider767 (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:37 PM Response to Reply #34 |
44. Hopefully not in the future. |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:38 PM Response to Reply #44 |
46. Remember when a mortgage payment was not supposed to exceed 30% of monthly income? |
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blondeatlast (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:34 PM Response to Reply #24 |
41. And when your neighborhood is full of abandoned homes and squatters, what then? |
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taught_me_patience (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:08 PM Response to Reply #41 |
66. Do you want prices to stay perpetually high |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:15 PM Response to Reply #66 |
68. Exactly. RE income trends, it will be at least 10 yrs before median income justifies 2006 prices |
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blondeatlast (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:36 PM Response to Reply #66 |
123. I didn't realize that would be the result of it. There needs to be a middle ground |
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taught_me_patience (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:56 PM Response to Reply #123 |
130. Here's my idea |
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blondeatlast (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 05:24 PM Response to Reply #130 |
138. I see some sense in that. My concern would be keeping investors out, though. |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 10:33 PM Response to Reply #123 |
158. blondeatlast, the fact that you "did it the right way" doesn't make you entitled... |
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Lance_Boyle (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:47 PM Response to Reply #41 |
89. tear 'em down and let the lot go to the lender |
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conflictgirl (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:46 PM Response to Reply #24 |
55. What about people who can't make payments due to job loss, not bad loans? |
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taught_me_patience (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:05 PM Response to Reply #55 |
64. First off, I'm sorry about your situation |
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knitter4democracy (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 07:27 PM Response to Reply #55 |
148. Are you talking with the bank? |
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conflictgirl (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 08:57 PM Response to Reply #148 |
150. We tried that, but they don't help until you're behind |
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knitter4democracy (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 09:11 PM Response to Reply #150 |
152. Man, that just plain sucks. |
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Phoebe Loosinhouse (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 09:19 PM Response to Reply #55 |
153. Share your housing |
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Xithras (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:26 PM Response to Original message |
29. One of my co-workers just did this. |
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BoneDaddy (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:29 PM Response to Original message |
33. So because corporations are unaccountable |
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jgraz (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:30 PM Response to Reply #33 |
36. Until we can effect change in our government and society, this is the only weapon people have |
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Angela Shelley (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:31 PM Response to Reply #33 |
37. If the corporations started stabbing each other, |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:35 PM Response to Reply #33 |
42. I don't think it is a sustainable answer. |
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baldguy (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:30 PM Response to Original message |
35. Sub-prime mortgages are a scam. These people are the VICTIMS. |
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littlecryinggirl (38 posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:58 PM Response to Reply #35 |
61. What flavor |
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Angela Shelley (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:42 PM Response to Reply #61 |
87. Yippee! Littlecrying girl hits the nail on the head! |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 10:53 PM Response to Reply #61 |
161. The problem wasn't necessarily to whom the money was loaned |
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littlecryinggirl (38 posts) Send PM | Profile | Ignore | Thu Feb-07-08 02:12 PM Response to Reply #161 |
185. Mucho debt |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Thu Feb-07-08 02:25 PM Response to Reply #185 |
186. On paper they made it look like they were earning 60 or 80K |
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slackmaster (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:00 PM Response to Reply #35 |
104. Sub-prime financing has allowed a lot of people to buy homes, establish credit |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 10:53 PM Response to Reply #104 |
162. You bought a side of beef? |
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slackmaster (1000+ posts) Send PM | Profile | Ignore | Thu Feb-07-08 11:26 AM Response to Reply #162 |
165. Had it cut up into usable-size pieces and kept it in a large freezer |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Thu Feb-07-08 11:37 AM Response to Reply #165 |
166. You guys must have really loved beef... |
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slackmaster (1000+ posts) Send PM | Profile | Ignore | Thu Feb-07-08 01:18 PM Response to Reply #166 |
180. We got very tired of it after a year |
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slackmaster (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:32 PM Response to Original message |
38. They signed a contract |
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alstephenson (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:23 PM Response to Reply #38 |
72. Yes, they signed a CONTRACT.... |
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slackmaster (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:35 PM Response to Reply #72 |
80. Just walking away from the house is not the recourse defined in the loan docs |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:50 PM Response to Reply #80 |
92. Well, I wasn't trying to be specific... |
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slackmaster (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:51 PM Response to Reply #92 |
96. Yes, and a lot of lenders are being very stupid with their REOs at the moment |
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alstephenson (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:59 PM Response to Reply #80 |
102. I agree, but I still don't think it's a morality issue. |
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slackmaster (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:03 PM Response to Reply #102 |
106. It's a generational thing - The reason I'm not in that situation is that I am over 50 years old |
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lumberjack_jeff (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 05:32 PM Response to Reply #72 |
143. The contract is based on more than "so long as it is prudent". |
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KansDem (1000+ posts) Send PM | Profile | Ignore | Thu Feb-07-08 01:27 PM Response to Reply #38 |
182. They walk away, they lose their home... |
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slackmaster (1000+ posts) Send PM | Profile | Ignore | Thu Feb-07-08 01:53 PM Response to Reply #182 |
184. If you have a loan, please look closely at the documents |
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Angela Shelley (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:33 PM Response to Original message |
39. I find it interesting that people |
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nashville_brook (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:36 PM Response to Original message |
43. there is no framework for morality in this -- there's moral responsibility to your family. period. |
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americanstranger (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:37 PM Response to Original message |
45. It has to do with the Bankruptcy laws as well. |
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nightrider767 (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:42 PM Response to Reply #45 |
50. Very interesting point! |
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blondeatlast (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:47 PM Response to Reply #50 |
57. Their lack of foresight is going to tax already struggling local government as well. |
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sinkingfeeling (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:40 PM Response to Original message |
48. I'm sure this post is in response to an article I posted from Truthout. |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:43 PM Response to Reply #48 |
52. See this post- |
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nightrider767 (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:46 PM Response to Reply #48 |
56. Certainly a legitimate point of view |
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Gormy Cuss (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:00 PM Response to Reply #48 |
62. There is a difference between those who walk away because they can't pay |
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alstephenson (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:52 PM Response to Reply #48 |
97. They aren't "screwing the lender"... |
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Vektor (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:41 PM Response to Original message |
49. You also can't get blood out of a turnip. |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:45 PM Response to Reply #49 |
54. I didn't do any math on that... |
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Vektor (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:08 PM Response to Reply #54 |
110. Yeah you may be right. |
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mod mom (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 02:48 PM Response to Original message |
59. "corporations are held accountable by law" EXACTLY which is why we need candidates |
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Wcross (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:24 PM Response to Original message |
74. The bank will sue for any deficiency after the auction. |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:29 PM Response to Reply #74 |
76. Even if they garnish wages.... |
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Fresh_Start (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:41 PM Response to Reply #76 |
85. the part they didn't pay may be considered taxable income |
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cottonseed (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:34 PM Response to Original message |
79. Doesn't matter - Fannie and Freddie's bailing out the whole thing anyways. |
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Fresh_Start (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:39 PM Response to Reply #79 |
83. thats what really burns me |
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cottonseed (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:50 PM Response to Reply #83 |
94. Tell me about it. Privatize the profits, socialize the risk. Great system if you're the "Has mores" |
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Mountainman (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:48 PM Response to Original message |
90. I'm not going to say I wouldn't walk away from a situation like that but if people were foolish to |
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slackmaster (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:50 PM Response to Reply #90 |
93. Since most new mortgages are immediately sold, the problem extends beyond lenders |
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newportdadde (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:49 PM Response to Original message |
91. Best bet would be a 'short sale', barring that a 'Deed in lieu Of Foreclosure, then |
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Fresh_Start (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:55 PM Response to Reply #91 |
99. start with trying to renegotiate the terms on the mortgage |
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Commie Pinko Dirtbag (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 03:56 PM Response to Original message |
100. It's physically impossible to screw a bank in an immoral fashion. |
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DadOf2LittleAngels (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:07 PM Response to Original message |
108. Ugg this is a hard one |
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izzybeans (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:23 PM Response to Original message |
120. Yeah but it's not all about me. Selfish ol' me. |
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Dawggie (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:38 PM Response to Original message |
124. Heh. How can be walking out on a deal with a bank be immoral? |
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coalition_unwilling (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 04:46 PM Response to Original message |
127. Is Capitalism "moral"??? If one says 'yes, capitalism is moral,' then |
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nightrider767 (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 05:00 PM Response to Reply #127 |
132. Capitalism is moral,,,, |
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PassingFair (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 05:28 PM Response to Original message |
141. What about the guy whose credit was ALREADY TRASHED? |
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Ilsa (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 09:09 PM Response to Original message |
151. I worked in a "Work-out bank." The rich always walked away |
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Old_Growth (120 posts) Send PM | Profile | Ignore | Wed Feb-06-08 09:20 PM Response to Original message |
154. What's immoral is.. |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 10:58 PM Response to Reply #154 |
163. Hear hear. |
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Phoebe Loosinhouse (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 09:31 PM Response to Original message |
155. Strange, but in the real estate downturn of the late eighties/early ninties |
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sendero (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 09:34 PM Response to Original message |
156. I consider.. |
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PRETZEL (1000+ posts) Send PM | Profile | Ignore | Thu Feb-07-08 12:18 PM Response to Reply #156 |
168. That may be changing a little now, imho |
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Rosemary2205 (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 09:47 PM Response to Original message |
157. Love your name - love your post - kick |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 11:00 PM Response to Reply #157 |
164. Thanks. I was surprised nobody else had it already. |
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LWolf (1000+ posts) Send PM | Profile | Ignore | Wed Feb-06-08 10:47 PM Response to Original message |
160. In the early 90s |
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guitar man (1000+ posts) Send PM | Profile | Ignore | Thu Feb-07-08 11:54 AM Response to Original message |
167. The mortgage companies |
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fedupconservative (74 posts) Send PM | Profile | Ignore | Thu Feb-07-08 12:36 PM Response to Reply #167 |
169. People need to take more responsibility for themselves |
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guitar man (1000+ posts) Send PM | Profile | Ignore | Thu Feb-07-08 12:47 PM Response to Reply #169 |
172. I'm not saying |
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Lars39 (1000+ posts) Send PM | Profile | Ignore | Thu Feb-07-08 12:51 PM Response to Reply #169 |
174. Is it somehow more dishonest to choose to feed your kids |
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guitar man (1000+ posts) Send PM | Profile | Ignore | Thu Feb-07-08 01:07 PM Response to Reply #174 |
176. exactly |
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Horse with no Name (1000+ posts) Send PM | Profile | Ignore | Thu Feb-07-08 12:39 PM Response to Original message |
170. Companies do it all the time |
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Horse with no Name (1000+ posts) Send PM | Profile | Ignore | Thu Feb-07-08 12:42 PM Response to Original message |
171. Another VERY important point |
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El Pinko (1000+ posts) Send PM | Profile | Ignore | Thu Feb-07-08 01:12 PM Response to Reply #171 |
177. Obama is making a point of avoiding racial identity politics. |
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Horse with no Name (1000+ posts) Send PM | Profile | Ignore | Thu Feb-07-08 01:15 PM Response to Reply #177 |
178. That doesn't cut it |
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