Biggest Defaulters on Mortgages Are the Rich

NY Times ^

[LomanBill]

Sub-prime borrowers were sub-prime for a reason. Their behavior generally demonstrated they were not trustworthy when it comes to paying their debts.

That being said, it’s not surprising at all that so-called rich are similarly delinquent, many of them having acquired their “wealth”/debt by gaming the system and being predators upon those they considered beneath them.

The problem is a moral one. When a society’s moral compass is calibrated by deviance... a$$paper happens.

[LomanBill]

>>Moral bankruptcy should not be the aspiration of the GOP

 

Best RINOs and Jacka$$es money could buy...

 

A Republic is a system, of governance characterized by the Rule of Law; and when the Law fails, the Republic fails.

 

If any of those foreclosures are the result of "Liar Loans" where the borrower lied about their income, how is that not Fraud?  And how do the individuals that did the fraud not belong in jail?

 

WHERE'S LEO?

[Hildy]

Although I love Freepers, sometimes the ignorance is unbelievable.
We are a 78 unit attached complex. How do you suppose thing get taken care of? Landscaping, electricity, general maintenance?

Again, I cannot believe conservatives are taking his side. He is not paying and using facilities, If he’s not paying, someone else has to pay. Sound familiar?

[Tempest]

I’d like the end of special treatment and tax breaks for starts.

[Hildy]

The guy owes us over 8 Thousand Dollars. That’s petty? If you belong to a Country Club and you stop paying your dues, do you think they will let you in? That’s the best analogy I can come up with. I will be more polite than some here have been to me. I understand that some people do not like to be told what to do or don’t like rules. FINE. Do not buy a home in an HOA community. But once you have ... PAY YOUR FREAKING bills. It is is a personal responsibility. We supply cable, wireless, water, sanitation, maintenance, landscaping, etc.

However, I do not know you. Maybe you don’t pay your bills. Wouldn’t
surprise me.

[Larry Lucido]

I don’t want special treatment either, but that’s kind of vague. Can you give me at least an example or two of what breaks or special treatment the wealthier get with which you don’t agree?

Also, please define the “rich.” That bar seems to get set and reset according to the whims of the speaker, in many cases.

[Hildy]

T was a mobile home ON WHEELS. He drove it in that morning. He could have moved it 100 feet away off the premises.

[LomanBill]

[ And here we are feeling sorry for the bank getting stuck with all these bad loans.]

 

Problem is it isn't "the bank", or more accurately, the originator, who gets stuck with the loan - but rather the investors who bought the securities the loan was packaged into and sold down stream.

 

Often those investors turn out to be large institutional ones - like retirement funds and insurance companies.  So if you're receiving a pension or have annuity investments... you're chearing the slashing of your own throat.

 

It's a mess for sure.   This is what happens when a society gets conned into believing that lying is acceptable "because everybody does it".

 

My personal feeling is that if you lied about your income and go into foreclosure, you belong in jail along with the loan broker who likely encouraged you to do so.

 

 

The only way out of this mess is to restore ACCOUNTABILITY - and we're a long long way from having that at this point.

[freedomlover]

I got my first job from a homeless man washing rats in the Bowery. Paid a wooden nickle and hour, and I was happy to have it.

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Ha! You were LUCKY! We only DREAMED of getting paid! . . .

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[Tempest]

Who’s laughing. I’m just like one of those rich elitest that was downcasting the “poor” and “undeserving” “parasites” that were ridiculed just a year ago.

[Tempest]

I typically like to stick my fingers in my ears and go lalalalala that’s not true when something doesn’t conform to my belief system.

[LomanBill]

>>If americans continue being addicted to other peoples money,

That includes other peoples securitized money, as I expect is the source of the wealth/debt incurred by the “rich” Useful Idiots in this article - who finagled themselves into a McMansion with a Liar Loan.

They weren’t “rich” at all - but rather useful, stupid, bait fish used by NyLon, A$$Paper producing, predators who’ve sucked the wealth of this country into their Golden bottom feeding Sachs.

[LomanBill]

At least you had gravel!

[LomanBill]

>>Some rich are because they know how to work the system.

 

Like the "families" whose members figured out they could work the system by buying/selling several adjacent properties multiple times - raising the price and taking a 100% LTV Liar Loan each time... based upon the fabricated comp values - and pocketing the "equity"?

 

Just bidness, right?

 

Maybe Ma and Pa Corleone should've worked on their moral values more, and less on their gaming skills - then junior wouldn't have been in foreclosure in the first place (and bemoaning that "just when I think I'm out, they pull me back in...").

[ctdonath2]

I didn’t say it was moral...

[B4Ranch]

I’m curious why you don’t take him to Small Claims Court.

[B4Ranch]

If you can drive it, it is an RV.

[Professional]

I have read your posts. I totally support and understand your position. Clear common sense...

Then there are the folks here that are debating you...

All I can say is, this is the reason why I almost exclusively lurk at FR.

[Hildy]

It’s beyond small claims. We’re taking him through justice court. But it’s a long process and it’s nearly impossible to serve this snake as he lives in another State and is used to, I guess, outrunning process servers.

[Myrddin]

Thankfully, I don't have a pool. I grew up in a house with a pool. I worked like a dog to move many cubic yards of dirt around during the project. A month after it was complete, my ear/nose/throat doctor said stay out of the pool.

My place in Pocatello has a 1/3 acre lot. That means a couple hours of mowing every week from May through September. No big deal. There are a couple city pools if I really feel the need to swim. There are lots of fresh water lakes and rivers as well. Some of my neighbors pay a gardener. I do the work myself. Perhaps I'll pay a gardener when I'm too old and frail to do it.