Posted on 02/20/2010 7:53:25 PM PST by Talkradio03
"When I see I owe $160,000 on a home valued at $350,000, and someone decides they want to take it – no, I wasn't going to stand for that, so I took it down," ..."Hopefully from this people will stand up and call their bank and tell them -hey listen, I'm not gonna let you do this to me" (Before and After photos)
(Excerpt) Read more at hotairpundit.blogspot.com ...
For once you are right. I am attacking the individual because the individual in this case screwed up.
It doesn’t matter if the bank did something wrong also, that doesn’t give the guy the right to expect a free house without paying the contractual loan. Ever hear of two wrongs don’t make a right? I have yet to hear of a case in which the banker actually held a gun to the homeowner’s head and threatened him with violence if he didn’t sign the loan contract. NOBODY forced this guy to take the loan. He made that decision all by himself.
By your logic, why pay for anything at all? Really, Wal-Mart made some bad business decisions that have caused it to increase prices. Does that mean you should just go take anything from Wal-Mart that you want without paying for it (i.e. looting)? How about those “evil” oil companies? Are you now entitled to free gas since you don’t like the business decisions of Big Oil or do you think you should actually pay that gas credit card bill that was basically a loan?
Who do you think pays when people default on credit cards because they just had to have that big screen HD TV? Who do you think pays when people default on homeloans that they should have never had in the first place? Of course, the rest of us actually meeting our responsibilities and paying our debts are the people that pay for those deadbeats. Our interests rates increase, our fees increase, and the credit is much harder to get because of such deadbeats. I’m also sure you’re one of those people whining that the bank cut off all credit and won’t give people like you a loan. Gee, I wonder why? Could it be that too many people like you prefer to steal the bank’s money rather than repay the debt and then you just justify your actions by using immoral, ignorant logic?
Honor is a personal responsibility. I won’t give up my honor just because you and/or the banks gave up theirs. Your argument belongs with those libs that think they should be given a free car and a free house because America once used some blacks as slaves long, long ago. America did something “bad” once so they now believe that they are entitled to anything they want without a cost. Your rationale is no different.
The bottom line is if the individual doesn’t know if he can afford the loan then that person should not take the loan until they actually know if they can repay it. If the person knows they will never be able to repay it then that person should never have taken the loan, even if it was handed to them with on a silver platter.
Remind me to never loan you any money because I already know that you apparently consider all loans as free gift money. You would probably complain if you were taxed on that “free” loan money that you never repaid too even though at that point it should be considered income.
humans file 7 or 13, (absent certain monetary threshholds)
What I find truly funny is that this idiot homeowner just royally screwed himself.
Instead of being responsible and trying to work out some sort of payment arrangement with the IRS, perhaps via an attorney, which would have negated the bank’s reason for foreclosure, this idiot decided to commit a stupid criminal offense.
Now he will go to jail for bulldozing the house, as well as for the IRS issue because he no longer has any assets or collateral. The bank will recover the full $350k value of the house from his insurance company because the bank is the lien holder. The idiot will then owe the insurance company the remaining 190K plus his insurance will be dropped and he will probably have a hard time ever getting insurance again; if he does get it then it will be very costly. No bank or creditor will ever give him a house, car, or business loan or credit card again. So basically, he didn’t hurt the bank at all and only ruined his family and himself.
However, his stupid exploit will cost the bank and insurance shareholders some money because of the litigation and paperwork. If the bank or insurance company were to lose money, then the rest of their customers would see an increase in fees & rates because of this idiot. That is just good business.
This idiot wasn’t a hero. He was a greedy, selfish, vindictive moron. He has my vote for the Darwin awards though.
Remind me to speak in short sentences and use short words when I post to you.
Don’t worry I can identify irresponsibility, corruption, and a poor character regardless of whether you use big words or little words.
Economy is in the crapper, govt is spending trillions, taxes are skyrocketing, unemployment is at a record high and you blame the individual.
You display your own poor character with every post.
Character is defined by doing the right thing even when others don’t; it is not defined by laying blame on everyone else so that you can get away with cheating and stealing. Therefore my character is not even in question here.
I agree the banks & government are screwing everyone, but that doesn’t mean you can go down to a GM dealer and just steal a car because GM got a corrupt bailout. Your belief that stealing is justified puts you in the minority among conservatives and makes your character very questionable.
If you don’t like what is happening then you should be willing to vote or revolt, whichever must be done, but you should still hold to conservative, Christian morals of repaying your debts, especially when you voluntarily and with full knowledge took on the debt like this homeowner did.
Enough with the generalization if you’re too dumb to comprehend what I’m saying then stop responding.
People like you think the banks can do NO wrong.
People like you think the financial services community actually cares about their customers.
No where did I say theft is ok so stop with your snide comments. That alone shows your lack of character. Claiming to be Christian while you do it only furthers your slide into the mud.
Look, I’ve been very polite to you. You’re the one that keeps calling me names like “stupid” when you make some immoral or factually incorrect statement. You’re also the one that seems to condone this homeowner stealing from the banks twice: first by not repaying his loan and second by bulldozing the house, which was really the bank’s property until the loan was paid in full. That is, by definition, theft. If you don’t undestand the definition of theft then that shows your ignorance.
I fully understand what you’re saying. You think since the banks are evil and got a bailout, people are justified in stealing from the bank just as this homeowner did. You also think all banks are evil and somehow force people to take credit cards and bank loans, which is a blatant lie. Nobody has ever forced anyone to take a credit card or bank loan...ever!!
I never once defended the banks by stating that the banks are not corrupt. I agree if they made bad business decisions then they should have be allowed to fail, but it was the government that wrongly stepped in. I also believe that banks screw people by messing with interest rates and credit limits on credit cards, but again, the person can always chose not to use the credit cards. After all, that credit card money is just the bank’s money on loan to the card holder.
Either way, even if the bank was evil and has screwed the public with the bailouts, that does not justify “sticking it” to the banks. The bank actions only justify you stopping doing business with them. If you owe them money then you should repay it. That is the responsible, moral thing to do, otherwise don’t incur the debt in the first place.
Why do you seem to have such a hard time understanding this simple moral delimma? Why don’t you believe in personal responsibility? This homeowner was wrong and so are you.
“When I see I owe $160,000 on a home valued at $350,000, and someone decides they want to take it – no, I wasn’t going to stand for that, so I took it down,”
The part you and this homeowner fail to understand is that this home wasn’t his property until the remaining $160k was paid. It was still the bank’s property. He was only paying rent until he paid the note in full. He agreed to enter a contract with these terms. He then basically destroyed the bank’s property out of spite. He was wrong, no question about it!
“Why do you seem to have such a hard time understanding this simple moral delimma? Why don’t you believe in personal responsibility? This homeowner was wrong and so are you.”
1. Because the banks loaned money they did not have.
2. They talked people into loans they couldn’t afford (thats unethical).
3. They represented their investors poorly.
4. Their actions directly led to the current economic situation.
5. They manipulated the markets to sell worthless financial instruments.
6. The banks broke numerous laws to conduct their business the way they have for several years.
You’re blaming the pawns caught up in the worst economic conditions in the history of our country and you ignore the criminals who caused it. You ignore intentional efforts to undermine our economy. You ignore the govt policy intended to increase unemployment.
Again, where we started. You would blame Stalins victims for his crimes.
You expect ethics out of a bank?!!! Wow thats rich.
The reason the economy is in the crapper, the reason people like this guy are having trouble paying their bills is directly tied to illegal and unethical activities of the banks and financial markets.
What don’t you understand about that?
Just hope there are no deficiency judgements allowed in his state.
“You expect ethics out of a bank?!!! Wow thats rich.”
Can you read English? Never once said that I expect ethics out of a bank. However, you again seem to miss the point; the bank NEVER made this homeowner take the loan in the first place.
“The reason the economy is in the crapper, the reason people like this guy are having trouble paying their bills is directly tied to illegal and unethical activities of the banks and financial markets. What don’t you understand about that?”
First of all, the banks did not cause this or any business to fail. The businesses the failed “because of the banks” are due to the banks cutting business credit. Unfortunately, you fail to understand that ALL business credit provided by the bank is the BANK’S money. NO business is entitled to that money. The fact that any business relies on banking credit is a very poor business practice to begin with.
Just like any other business, the banks cut back. Yes the banks made bad decisions, but they had the right to cut back on providing credit to businesses. If a any business slumps, even if is slumps due to the business over-extending itself, that business cuts back.
For example, iIf a car repair company decided to gamble all of its money away (which it has a right to do) and as a result the car repair company has to quit buying so many parts from a parts store, the parts store will feel the pinch of the car repair company’s bad decisions. However, it doesn’t give the parts company the right to vandalize the car repair company’s property.
Your argument is nothing more than a cop-out and a deflection for a lack of self-control and personal responsibility by the homeowner.
Secondly, the homeowner got into trouble in the first place because he didn’t pay his taxes. If he had only paid his taxes then he would still have his home. That is also the homeowner’s fault.
just so much noise
The corruption, greed, illegal behavior, and unethical behavior is mind blowing in its scope and audacity and you continue to defend them. I’m guessing you are a banker.
“1. Because the banks loaned money they did not have.” This is simple BS. They had the money, but lost it due to the housing market crash.
“2. They talked people into loans they couldn’t afford (thats unethical).”
So if someone tells you that you should shoot someone and you go do it, is it your fault or the person that told you to do it? Of course, it would be your fault only. NOBODY (INCLUDING THE BANK) CAN FORCE YOU TO TAKE A LOAN!!!!!! The people chose these loans and should have known they could not afford them. It is soley the homeowner’s fault for biting off more than they could chew.
“3. They represented their investors poorly.”
This I agree with, but it is irrelevant to this homeownership debate.
“4. Their actions directly led to the current economic situation.”
Actually, look research the facts. The CRA forced the banks to make risky loans. The government, not the banks, led to the current crisis.
“5. They manipulated the markets to sell worthless financial instruments.”
Again, since the bank is regulated by the government, the bank does not have the ability to manipulate ANY financial instruments. The government did it. So again, you need to check your facts.
“6. The banks broke numerous laws to conduct their business the way they have for several years.”
This is also BS. The bank did not break any laws, the laws they followed just sucked. Again, NOBODY forced you or anyone else to do ANY business with a bank. NOBODY forced or anyone to take any loans or credit cards. YOU made that decision all by yourself, but now people like you are pissed that you have to live with the consequences of your own actions. Well, boo hoo! Man up and pay your debts!
“You’re blaming the pawns caught up in the worst economic conditions in the history of our country and you ignore the criminals who caused it. You ignore intentional efforts to undermine our economy. You ignore the govt policy intended to increase unemployment.”
I agree the government is to blame to some extent and that the libs are intentionally crashing our economy, but you keep deflecting the fact that NOBODY forced anyone to take ANY loan or credit card. Those people that were fiscally responsible enough to live on a cash-only basis are not suffering much under this recession. I have absolutely no sympathy for this homeowner and I hope he goes to jail for a long time. He wasn’t anyone’s pawn. He made the decision not to pay his taxes and to take the home loan. Maybe he should have had the foresight to rent or get a more affordable home loan just in case his business failed. ONLY the homeowner can be blamed for his own decisions. It is stupid to blame the bank because the homeowner decided that he didn’t need to pay his taxes and didn’t need to pay off his loan sooner. He didn’t get his way so he threw a fit and bulldozed the bank’s house. What the homeowner did was illegal and he deserves to go to jail.
Again, you’re incorrect. You would support Stalin because you believe in shifting the blame for personal decisions and because you support temper tantrums when you don’t get your way. Stalin blamed the people for his own personal ills and believed the people to be plotting against him, which is why he killed and imprisoned so many people. Your analogy is stupid, especially since you obviously have no clue about the history behind Stalin.
You sound just like Obama. Obama always blames Bush when Obama does something stupid or makes a bad decision. You blame the evil banks when you do something stupid or make a bad personal financial decision. You sure you and Obama aren’t related??? Don’t worry, I’m sure your free house will be given to you shortly, along with all of the other welfare handouts. You won’t even have to pay for them. Must be nice/s.
“The corruption, greed, illegal behavior, and unethical behavior is mind blowing in its scope and audacity and you continue to defend them. I’m guessing you are a banker.”
Nope, not a banker nor have I defended them yet. In fact, please read my posts (assuming you’re literate) and you will see that I agreed with you that the banks screwed stuff up. However, the banks actions do not justify the homeowner breaking the law in retaliation. Again, just because GM got a bailout, which also led to our current economic crisis, you have no right to go steal one of their cars or to go destroy one of the dealer’s cars. For some reason, you seem to think it is ethical to break the law just to get even with a bad business. Sorry, my friend, you’re just wrong!
According to your profile and previous comments, you apparently own some type of business.
So, based on your argument if you provide me with your service/product, I have a right to refuse payment and still get the service/product for free just because I believe your industry to have unethical business practices in general, regardless of whether you did a good job for me. In fact, I can actually bulldoze your home or business just because I believe your industry to be unethical. Great!
So what is your business and where are you located because I need some free stuff and I’ve always wanted to bulldoze something?
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