I am sorry, but any way you slice it, that "walk away" to greener pastures is irresponsible, unethical, and immoral.
If you don't want to believe me, take it up with God.
Psalm 37:21, Ecclesiastes 5:4, Proverbs 22:7
Moreover, this "walk away" mentality has helped create this mess we now find ourselves in.
There is lots of blame to go around. The Democrats forced and blackmailed lenders to give loans to minorities and other groups that could not afford the loans they were taking out. But, the fault is also with millions of people who joined in on the scam.
I can, and do, sympathize with people who just hit rock bottom financially speaking. The couple who both lost their jobs are in no way culpable the same way as someone who can still afford their mortgage payment to repay their debt, but just decides "What the hell?" and does as you advise.
People that bought more home than they could afford with interest only loans were gamblers, not responsible home owners. On top of that, this is home ownership, and a mortgage is a major commitment. This is not some basketball game you bet on and try and change your bet at halftime because your team is behind.
Since when did a mortgage become a short sale stock option, or a roulette wheel? It is this short sighted mentality that has to change.
I don't understand, nor do I sympathize, with people who see their loan underwater, and decide to chuck the whole thing even if they can still repay the loan and make their payments. These people screw other people (meaning everybody else). You have to realize this. Other people who need loans in the future are screwed by their behavior. Investors are screwed by them.
There was a time when Conservatives didn't underwrite irresponsible behavior. I wonder what happened to it.
This is the biggest RICO case on earth.
Have a look for yourself....
You are preaching the choir...
Go back and read my earlier comments and get back to me.
This will make your day.
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The lawsuit that appears immediately below is a fantastic read for any party involved in the foreclosure process.
For the last several days I’ve been talking about capacity and both the latent and outright fraud and questionable practices that permeated the whole subprime originating process and which is now part of the foreclosure process.
The lawsuit spells out in plain language how the different players in a mortgage security agreement interact with one another.
(If you think they’re screwing homeowner’s over, you should read what they do to one another, according to the lawsuit.)
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