[HereInTheHeartland]

“Banks and debt are not your friend.”

Why should I pay someone elses mortgage?
I don't want to.
I want my money to stay with me and my family.

[Iron Munro]

Why should I pay someone elses mortgage?

BINGO!

[Darteaus94025]

"I want my money to stay with me and my family."

YOU HAVE MONEY?!? Well, then you're rich, and not paying your fair share!

[driftdiver]

“Why should I pay someone elses mortgage?”

Did I ask you to? Most banks are privately owned and/or operated. Even the publically owned ones are largely controlled by a small number of people.

The losses they take should be theirs, just as the profits they make.

Banks love regulation and courts when its on the profit side.

[Altura Ct.]

Why should I pay someone elses mortgage?

I agree completely but just who do you think is bailing the banks out?

[PENANCE]

Why should I pay someone elses mortgage?

"You're thinking of this place all wrong. As if I had the money back in a safe. The money's not here. Your money's in Joe's house...right next to yours. And in the Kennedy house, and Mrs. Macklin's house, and a hundred others. Why, you're lending them the money to build, and then, they're going to pay it back to you as best they can."

The point being that this is a bank, not the government. If you don't want the banks to lend your money to others (at the risk of the bank making stupid decisions), then you shouldn't put your money in the bank.

[Jack Black]

How are "you" paying someone elses mortgage when they default. Presumably the bank, which after all is a professional financial institution, felt that the security for the loan they were lending covered it in the event of default. Hell, pawnbrokers do the same thing. When someone fails to retrieve a pawned saxophone the pawn shop sells it. When someone fails to pay their mortgage, the bank takes the property.

Do you feel you are losing money when the pawn shop has to sell the saxophone? If not, why do you feel you are losing money when a bank has to sell a piece of property it's client has defaulted on?

The bank my *claim* they are out money if the loan was for $200,000 and they can only sell the house for $150,000. But, on the other hand they made interest payments on it for however long it was in place.

Banks are given a monopoly by the state, which they use to make themseves very rich. In excange for this they can be required to take some risks as well.

[tiki]

The thing is that the bank took that risk when they accepted the house as collateral.

For example, say you think silver is a good risk at $37 bucks and you buy a bunch and next week it goes to $16, that was a risk you took with your eyes wide open.

Those banks loaned money on the value of the houses and it wasn’t the homeowner who made the value fall. It is the risk of doing business and why should the banks be sheltered? They made bad business decisions.