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To quote a poster somewhere on CD that made me giggle ...
Christ on a cracker!
I'd like to think that the people who have morals and personal standards far outweigh the nitwits who think only of themselves and have a bloated sense of entitlement.
Like I said, I'd like to think that, but every day some moron, like this so-called Professor spews such ... such ... crap.
Hell in a handbag people. Hell in a handbag.
Walking away from a house is an economic decision not a moral one.
There is no morality involved dealing with a loan sold many times over to speculators and the various other crooks involved.
Walking away from a house is an economic decision not a moral one.
There is no morality involved dealing with a loan sold many times over to speculators and the various other crooks involved.
Walking away from your responsibilities is indeed a moral decision.
Walking away from a house is an economic decision not a moral one.
There is no morality involved dealing with a loan sold many times over to speculators and the various other crooks involved.
It is absolutely a moral decision, which is why we aren't doing it....
We have morals.. Unlike many thousands of people today.
It is the easy way out....
So I guess the market wasn't really at the bottom and those significant discounts...weren't really that significant if they are now 'underwater'....
No, the theory is, if everyone with a mortgage walked away, then those that bought at the bottom and took out a mortgage would then be underwater. An endless circle because at some point a house would be worth $0.
Has nothing to do with when or what you bought your house for...
Hmm, my brother, parents, cousin etc are all mortgage free.
According to the survey below, 40% of homeowners had no mortgage in 2001. The information is old, but I couldn't find a more recent study. I read somewhere it's now around 30%. http://www.census.gov/prod/2005pubs/censr-27.pdf
I'd be willing to bet it's even less than that now. The mentality of American consumerism changed alot in the past decade and not for the better. Alot of babyboomers sold their paid off homes to buy McMansions and took out a new mortgage (why, I don't know).
Case in point, an ex-supervisor of mine, 2 years away from retirement, sells her paid off house and bought a large house in an exclusive neighborhood. I know lots of folks that did this and it left me scratching my head...
I agree w/ this. If everyone's mortgage debt was either wiped out or cut in half, the economy/market could bounce back much more quickly. Instead we have this slow bleed. Because I think most people are probably like NYMD and continuing to pay. She'll unfortunately likely be in the same position in a year or two having to do a short sale. Might as well just allow her and the others pain to just end by wiping the debt off now rather than a couple years from now.
This would be a very slippery and steep slope - what about those who used their homes as an ATM?
When we talk about morals, what about companies and CEOs that go bankrupt and use every legal maneuver to get out of paying debts. Maybe these people become role models for the middle class. Didn't Donald Trump file for bankruptcy more than once? Yet he is a hero in many people's eyes. A middle class guy that walks away from an underwater house is the villan and is not taking responsibility. Seems like double standards to me. Middle class walkaway and you're irresponsible. The rich or corporations walk away and it's a business decision.
Donald Trump is NOT my hero or role model.
And, I am middle class.
Weak people often DO use the actions of others to help them set their course in life, but that modelling does not rationalize bad behavior.
If you have an internal compass, you keep your heading.
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