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When will people learn that they must pay what they owe. If you signed a contract with an agreement to pay then you owe that amount. I am against this whole shrugging your shoulders and walking off from your debts. Make the people pay...whenever and whatever they can.
When will people learn that they must pay what they owe. If you signed a contract with an agreement to pay then you owe that amount. I am against this whole shrugging your shoulders and walking off from your debts. Make the people pay...whenever and whatever they can.
Heh, I have a more mixed view. As much as I applaud them going after people who willingly just walked away from debts they could have paid back on the one hand...these banks were very greedy and knew what they were doing on the other.
So overall, I kind of think it's one evil vs. another.
Some people can't seem to resist living beyond their means.
Lenders are expected to perform due diligence when lending money; historically they were very good at ensuring applicants were living within their means before money changed hands.
One could argue that irrational exuberance led lenders to over extend themselves and many borrowers as well.
Lenders are expected to perform due diligence when lending money; historically they were very good at ensuring applicants were living within their means before money changed hands.
One could argue that irrational exuberance led lenders to over extend themselves and many borrowers as well.
And in cases where the loan documents were forged, I'd be opposed to deficiency judgments. Those really are pretty few, but they certainly exist. If you put down you own a landscaping company and make $40,000/yr and then suddenly you're a contractor making $90,000 on a document with your signature forged on it (happens)... yeah.
That's not the majority of cases though. Most buyers walked in with their eyes open. Several states are non-recourse for mortgages (California among them) but the majority are recourse states. I don't know why this is surprising.
Bankruptcy laws were created to protect businessmen from their own follies. The rest of us were expected to pay all of our debts no matter how onerous.
Bankruptcy laws were created to protect businessmen from their own follies. The rest of us were expected to pay all of our debts no matter how onerous.
Actually personal bankruptcy would resolve the deficiency judgement for individuals too
Lenders are expected to perform due diligence when lending money; historically they were very good at ensuring applicants were living within their means before money changed hands.
One could argue that irrational exuberance led lenders to over extend themselves and many borrowers as well.
Yes, lenders became too eager to lend to those who couldn't afford to borrow and didn't have sense enough not to do so. I am thankful to be able to say I have never lived beyond my means and often have lived below those means because I didn't need to keep up with anyone else. I have no need for my wants and desires to be fulfilled immediately. I can wait. I prefer having money in the bank to owning something I bought on credit.
I want to say good,because you won't believe the amount of people who just walk away,but those same people do not understand we all pay for it in the end.
John Mccain had a plan to buy up all the bad mortgages during the debates in 2008.
That would not have been fair to us that never had mortgages we could not afford.
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