Posted on 01/26/2010 8:16:22 AM PST by TheThinker
Yeah. They were all “tricked” into buying a house! Some lenders even held guns to heads! ~sarc.
Maybe if banks went back to the "bad old days" when mortgages were not given out like candy then this option would not even be on the table.
Hey, what works for developers, works for the little consumer...imho
It will be hilarious if these people (who can pay) who walk away from underwater homes find their homes above water in 3-4-5 years. And this just might happen when inflation sets in, in reaction to all the money being poured into the economy by the 0bongo administration
Correct, two wrongs DO make a right./s
I am going to get flamed, but I would tend to agree with this. We need a MAJOR correction in real estate prices NOW. We may have to start from ground zero. The present prices can NOT be sustained and very few seem to be appropriately negotiable.
Yep, good time for those of us with liquid cash and decent credit to snatch up some of these deadbeat’s abandoned properties and then rent them back to them at highly inflated rates. :->
Yes, by all means, let’s encourage people to be irresponsible.
Realtors and marxists uniting. Unreal. I am not sure who is more stupid. The libs enable free money telling bankers to lend to ACORN members and the system falls apart.
This is why Barney Frank , Chris Dodd and anyone who supported giving mortgages to people who couldn't pay them should be wearing orange jump suits. Instead they're on TV all the time lecturing us.
Government, corporate and personal greed with little accountability is a cancer on this nation. Those who are ethical and play by the rules are treated as chumps. But in the end living responsible lives has its reward. All about content of character.
it is not marxist.
if they walk away from the house, the bank gets posession of the house. EXACTLY as the parties contracted.
That was the contract.
no pay no keep house.
The problem right now is that the banks are doing nothing if anything to make this situation workable. Even in bankruptcy the banks tend to be penny wise and pound foolish.
(quite frankly we would have been better off if the stimulus money went to pay down mortgages in the same way that plastic vouchers were issued to pay for digital converter boxes)
Well, when business groups turn their back on their obligations, they are hailed as heroes making wise business decisions. I just don’t see the difference between them and the little guy. The government threw out the first match in this mess, but banks have thrown on the gas that has made the situation far worse.
No way....... I have SOLD one home, BOUGHT one and am now refinancing it and it is a H*llish process to say the least. Just try and get a loan now. I am cash positive, documented income exceeds by a longshot what would qualify I us, two credit scores around 800 and healthy retirement accounts.
The institutions are so afraid to lend that there will always be a line that you will want to be in front of otherwise good luck in the future. This author is writing in a wishful way and is the likes that are part of the problem not the solution.
My real fear is that the Big Gov comes in and forces lenders to forgive and forget by taking my tax dollars to make up for those whom were dishonest.
Socialization usually thrives when a vacuum is created by crisis. The collectivists want industry or markets to collapse so they can come in and ‘rescue’ it which really means take it over. These KOS kiddo deadbeats really just want big brother to pay for their homes.
Yup, the home won’t be worth more, money will be worth less, but the mortage stays the same. Also, there is the tax deduction to consider. Even with an underwater home, the actual payment, after the interest tax deduction, may be less than the rent you will pay after walking. Its no fun to be underwater, but it is no different than fluctuations in the stock market. People need to calm down.
And whose mortgage would have been chosen to be paid down?
No kidding. The real villains in all of this walk away unscathed.
IT MAY BE MORAL? I DON’T THINK SO, NOT EVEN IN THE YEAR OF JUBILEE. THERE IS A GOOD CHANCE THAT EVEN WITH A SHORT SALE THE BORROWER WILL REMAIN RESPONSIBLE FOR THE DIFFERENCE. ALL WE NEED FOR A COMPLETE COLLAPSE IS FOR PEOPLE TO WALK AWAY FROM THEIR MORTGAGES. THAT IS PROBABLY THE REASON FOR POSTING THIS THREAD!
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