Normally, I wouldn't care. The bank entered into a contract. The homeowner and/or the bank lost. But usually when people gamble, they lose with their own money. But it isn't their money anymore; the homeowner's and bank's losses are now socialized. The homeowners and banks are paying off their markers with our money. And laughing all the way to the bank. At me. At you.
So, in closing, the guy in Florida and his business thanks you, and me, collectively known as the "taxpaying suckers of Freerepublic."
PS: Barney Frank, Paulson, Geithner, Greenspan, Blankfein, Buffett and other assorted "masters of the universe", financial genius all, thank you, too.
Wonder how that mark will look for the next time.
What’s a heloc?
Thieves and such often rejoice with like “suckers” bluster when they have scammed or rip’d-off someone......
My wife and I ate nothing but noodles for a year to save 20% down for our first home, the one we live in now.
We no longer have to eat noodles but still saved the necessary 25% required to buy land and recently purchased 46 acres.
I no longer eat noodles.
This isn’t meant to twist the knife. But maybe the lesson here is that some people have invested too heavily in all this “Pay your bills on time or you’re a bad person” stuff.
Back when Bush signed off on the Bankruptcy Reform Bill, in 2001, I switched to the democrats after 30 years of being a republican. I did a post here and I got of bunch of these type replies. That only deadbeats and crooks wouldn’t pay their credit card bill, etc. Of course, I replied that middle class families were being preyed on, and ought to be able to take chapter 7, period. That went over like a ton of bricks.
Now, today, we look at the people who made bad and stupid loans and realize they really are predators. At least more of us do now, than did then.
Maybe what really has you mad, it that what you have been taking as a fair system, isn’t. In that case, the anger should be aimed at the bankers, not the people who were able to beat them at their own game, or at least, lose less.
parsy, who ascribes to the WWF rules of morality at times
I own two homes and the property they sit on, and I didn’t have to rob anyone to get them. I don’t care what others are doing. It’s a blessing not to owe anyone.
Nice guys finish last. It is a fact.
Wait until the tax bill comes, isn't that treated as income for tax purposes?
Guys I may have just been duped by Citi Mortgage, I sent in the 15K as the letter states, now I'm getting calls from collections asking where is our 125K? Now that I'm readin this letter it states they are accepting a short payoff of 15K OR the net proceeds from settlement, whichever is greater. WHat the hell does "net proceeds from settlement" mean? Could I have been swindled here? The letter also goes on to say the money I send in is theirs to keep. If they try to say they never agreed on 15K I guess they can right?
>> The sad thing is, from that forum alone, there are thousands of these gambling homeowners that are being bailed out, while those who scrimped and saved, and played by the rules get shafted.
This is just what they mean by “moral hazard”.
So, what’s the “hazard”, you might ask?
I’ll hazard a guess (sorry for the bad pun).
1) It CORRUPTS society’s morals. People of low character learn they can get away with it. And people of good character learn that good behavior screws them in the end, so why should they?
2) It really pi$$es off HONEST people. Sometimes they get fed up and react in ways that mess up certain segments of society.
ping
I know several people in the area who have stopped paying on their mortgages now for 2 years, living rent free in a nearly new home. Then, before they finally get kicked out, they will sell off all the appliances, water heater, A/C unit, fans, lights, interior doors, cabinets, faucets.. and then the real a-holes will deliberately trash the house, by putting holes in the walls and breaking the windows.
I feel bad for people who really are victims of circumstance, but at least in these parts, I'd say those are the minority.
” The homeowners and banks are paying off their markers with our money. And laughing all the way to the bank. At me. At you.
So, in closing, the guy in Florida and his business thanks you, and me, collectively known as the “taxpaying suckers of Freerepublic.”
Yep. The willing led by the greedy. I paid off a 12% mortgage, as a single mother getting NO support from anyone, least of all the government.
The difference was I lived within my means. None of those you mention did. And yes, I’m just a little tired of paying for their excesses. And NOW that I have some savings, I get 1%! If I’m lucky.
American dream, my butt.
Was it P.J. O’Rourke who said that the purpose of liberalism was to shield people from the consequences of their bad behavior?
