Because the deal was made with both side intending on completing the arrangement. Both sides know that defaulting is highly disadvantageous for the lender, which is why the borrower's credit takes a huge hit for allowing it to happen. Those who default intentionally are intentionally harming the bank, and harming the rest of us borrowers, since the bank has to make it up by raising fees and percentages against their other borrowers.
Anyone who fails to see immorality in intentionally raising costs on others while shirking on their own promises clearly has no morality of their own.
Hint: A moral code guides one to live a good life where they minimize harm to others. Harming the bank, and their customers, AND expecting to re-enter the home afterwards, clearly show a very immoral person... whether the rules allow it or not.
Yes. IMMORAL. And this doesn't even mention the harm this does to those good, responsible citizens and neighbors who did it right, paid their bills, and saw their property values damaged because the abandoned houses next to them turned into vandalized eyesores.
This isn't about people who COULDN'T do make their payments. It is about SCUMBAGS who COULD, and decided to screw everyone around them and piss in the water upstream of them.
To those a-holes, it is all about ME-ME-ME.
Well said!
No, sorry, can’t see it that way. It’s a business deal, not a moral pledge. If with party feels its more advantageous to break the contract and accept the penalty for doing so, they’re perfectly free to do so.
If the banks weren’t getting adequate collateral for the loans they issued, that’s their problem, not the borrower’s. I find their lending practices more irresponsible and morally reprehensible than people who make a rational decision to make their best financial move.
No, sorry, can’t see it that way. It’s a business deal, not a moral pledge. If with party feels its more advantageous to break the contract and accept the penalty for doing so, they’re perfectly free to do so.
If the banks weren’t getting adequate collateral for the loans they issued, that’s their problem, not the borrower’s. I find their lending practices more irresponsible and morally reprehensible than people who make a rational decision to make their best financial move.