Mortgage Defaults May Be Driving Consumer Spending

Do you really think banks are the only ones at fault? And that loans for $750K to migrant workers making $14K/year were even remotely typical?

 

Nope. Congress. Banks just slithered through bad Leftist policies.

 

banks created the crisis that took away jobs from people with mortgages. it is only fair that the mortgages are forgiven, people keep the houses and the banks bear the all the burden and credit scores are not touched.

of course, the life is not fair: the guy gets his credit destroyed for 7 years, does not have a job, does not have a house, does not have savings. at the same time the banks are bailed out and keep making money.

 

You and sandybestdog should form a professional victim's club.

P.S. the "average Joe" is employed and paying his mortgage.

 

Yes, it is. The entity lending the money is responsible for making sure they get it back, else they, as a business, will go under. They made a bad decision when they lent to someone who ends up not paying it back, it's that simple. The other actors are irrelevant: a loan is between the lender and the lendee. Each side is responsible for their end of the contract. Done. Period. End of story.

 

i am curious where this notion that one is not morally permitted to walk away from a mortgage comes from? what kind of BS is that? a person and a bank sign an agreement. does the agreement say anything about "morals"? i am guessing it only talks about the money and the house.

 

That's enough for me. On Ignore!

 

Fine!

here is another one: everyone who is considering defaulting on their mortgage should form a union. the union will have much more negotiating power. i wonder what happens if everyone defaults at the same time....

 

So true,

Next:
they will default their credit cards to buy useless things
Wait, isn't it already happening?

 

I wonder if you ever experienced any of these. If you did, you would not consider it so carefree. It drives up your car insurance, makes it a lot harder to get a job, get a loan/mortgage, start a business, and a whole lot of other things that people never think of.

Defaulting or bankrupting should only be considered if it is beyond your ability to negotiage/repay the debts...