Porter Stansberry slams deadbeat mortgage defaulter

The Daily Crux ^

[sdw2009]

"According to your many editorials on the subject, I'm one of the deadbeat borrowers because I've applied for not one, but two, loan modifications. I can't handle my debt so I'm a deadbeat, right? Wrong...

[the long march]

Excellent read. This is precisely the point. The fact that USC has always meant University of Spolied Children ( at least to me) was the first sign that this ‘investor’ was going to whine about how unfair it is for the real estate market to go down. It is what happens when you decide to try and make mega profits off of a basic necessity. Sometimes you lose big time. Get a second job and pay back the money you own and quit trying to get people like me who work hard and can’t afford the extra capital to invest in speculation. I iwll work till the day I day (like my ancestors) because I have to. Work = food and housing. IF I have anything left at then end it will go to my daughter whom I hope does better. I rent a room and drive a small car. Would I like more? Sure but then I won’t ask others to bail me out

[Kansas58]

Actually, I see both sides.

I think we need people who refuse to borrow.

I also think we need people who are willing to take huge risks.

However, we do NOT need our government sticking its nose into the process.

Those who fail have bankruptcy court.

There is no shame in an honest bankruptcy.

The government should not mandate risking loans, and the government should not forbid risky loans.

[Gaffer]

The complaining indignant ‘deadbeat’ isn’t a ‘deadbeat’ really...he’s just a goddam opportunist who thought he could make a buck flipping a house in California...I never said Liberals were rocket scientists...he’s pissed off for being called a deadbeat because he made a bet he can’t cover.....

[kenavi]

I also think we need people who are willing to take huge risks.

California has an "anti-deficiency defense" that limits the recourse of the lender to the property whose purchase was financed by the loan. It might not apply to commercial investments like the ones in this situation, but even then customarily the recourse against the borrower is limited.

So this investor's "downside risk" was extremely limited, no wonder so many were ready to risk so much.

Rather than whine, the investor should exclaim: "What a country!"

[3niner]

First, "he" is a she, and she is a deadbeat, because she borrowed money, which she is refusing to pay back.

I have made bad bets (investments), which have been big losers, but I have never failed to repay a debt.