[MN-Born-n-Raised]

It's human nature to rationalize our decisions. I'm very sure that about now the "lenders" have been placed in one giant bucket. So when someone walks they are going to think that it's o.k. because the lenders "all took tarp money" or the lenders "had predatory practices" etc. Who says your specific lender was shady???

Now, some people are thinking it's the lenders fault the market continues to tank because they want to feel comfortable and use foreclosure values for comparisons. Of course they want to do this after the melt down. So would you. Our residential RE poster shares this view that it's the lenders fault. Speaking of which, his morals are so flawed that he's telling people to walk from their loans and do a short sale (more biz for him I guess).

My point is, if you walk and you are worried about if someone is going to come after your other assets etc you are P.O.S. You are POS because you are screwing your lender, screwing your neighbor and screwing your country. We all have the capability of being a POS. But just call it the way it is versus rationalizing it was someone else s fault. Yes. The lenders, agents, etc were POS at times as well. But didn't Mom teach you that two wrongs don't make a right??

[Raisuli]

Stupid question here!

How do you get from giving my crazy old Aunt Edna, (who hasn't got a cent to her name), a huge loan to buy a house in Vegas. To Bear Stearns, Lehman Bro. AIG, etc all going belly up at the same time and almost bringing down the whole global finance system.

Got to be a Moderator cut: insppropriate language or two in that chain of events. anyone got a clue?

[MediocreButArrogant]

Originally Posted by Raisuli

Stupid question here!

How do you get from giving my crazy old Aunt Edna, (who hasn't got a cent to her name), a huge loan to buy a house in Vegas. To Bear Stearns, Lehman Bro. AIG, etc all going belly up at the same time and almost bringing down the whole global finance system.

Got to be a Moderator cut: inapproriate language or two in that chain of events. anyone got a clue?

You need the Subprime Primer.

subprime works

[MN-Born-n-Raised]

Originally Posted by MediocreButArrogant

You need the Subprime Primer.

subprime works

Great link!!

[cmist]

Originally Posted by MediocreButArrogant

You need the Subprime Primer.

subprime works

If I could give that an academy award I would. I was laughing hysterically and its the most honest, realistic portrayal I have seen anywhere!!!

[J78Jason]

Originally Posted by MN-Born-n-Raised

Our residential RE poster shares this view that it's the lenders fault. Speaking of which, his morals are so flawed that he's telling people to walk from their loans and do a short sale (more biz for him I guess).

Is it that flawed? Ethics aside, it makes sense for certain people to do what he's suggesting. Sure your credit is destroyed, but what good is having great credit when you are so far in debt that you'd have to be insane to go out and spend more?

People make mistakes, make bad decisions. It's life. I guess I just don't have the "I'm going down with the ship" mentality that cowboys like you do. Although, I'm guessing you didn't buy during the bubble (congratulations!) and therefore you can sit back and take shots at people from the comfort of your armchair.

[olecapt]

Originally Posted by J78Jason

Is it that flawed? Ethics aside, it makes sense for certain people to do what he's suggesting. Sure your credit is destroyed, but what good is having great credit when you are so far in debt that you'd have to be insane to go out and spend more?

People make mistakes, make bad decisions. It's life. I guess I just don't have the "I'm going down with the ship" mentality that cowboys like you do. Although, I'm guessing you didn't buy during the bubble (congratulations!) and therefore you can sit back and take shots at people from the comfort of your armchair.

I also make no such general recommendation. It is situational and one on one decision. MNBNR and TS see things with total clarity. Incorrectly of course...but with total clarity.

There are many situations where I would counsel a person to walk. There are however a number of places where I would strongly counsel againt it. All depends.

Only the true believers have such clear insight. Mere mortals must simply try to do the right thing.

[cmist]

Originally Posted by MN-Born-n-Raised

It's human nature to rationalize our decisions. I'm very sure that about now the "lenders" have been placed in one giant bucket. So when someone walks they are going to think that it's o.k. because the lenders "all took tarp money" or the lenders "had predatory practices" etc. Who says your specific lender was shady???

Heres how you can tell. If they went DOWN, they probably werent shady. IF they are still standing, they probably were and STILL are.

[cmist]

Anyone who doesnt understand the banking system should see this.

It starts off slow, so if you have a short attention span skip to the banking part. Its VERY eye opening. Also, the very end is a little dreamy.

But the banking portion and the history of the US using debt to enslave populations here as well as elsewhere is really spot on and a must see for all!!!

Zeitgest: addendum

[tony soprano]

Originally Posted by olecapt

I also make no such general recommendation. It is situational and one on one decision. MNBNR and TS see things with total clarity. Incorrectly of course...but with total clarity.

There are many situations where I would counsel a person to walk. There are however a number of places where I would strongly counsel againt it. All depends.

Only the true believers have such clear insight. Mere mortals must simply try to do the right thing.

Yeah, it is a situational decision but you'd never know it by looking at your standard, pat advice on this board which is to; stop paying your mortage, ask for a short sale, if denied go into foreclosure and milk the system for as long as possible. You have a very limited toolkit with which you work.

And don't forget the key money!