🚀 go-pugleaf

Borked Pseudo Mailed wrote...
> What's a borrower to do? If your loan balance exceeds your 
> home's value, stop paying your mortgage immediately. 
> 
> Remember, in the Bernanke/Pelosi/McCain world, the 
> responsible get screwed, and the reckless get rewarded. 

The responsible don't take out loans they can't afford to repay.
If the person taking out a 30-year mortgage intends to pay it
off, then short-term market fluctuations shouldn't be a problem
because he intends to live in the house for years instead of
trying to turn a profit today.  People who buy property to
resell at a profit are speculators and deserve to lose their
money because they knew the risks.


> If you stop paying your mortgage, your bank will either 
> voluntary renegotiate the terms, or Congress will force 
> them to do it. If you keep paying on an underwater house, 
> you're just throwing good money after bad.

You want them to renegotiate the terms so your Burger King
paycheck covers a $200,000 mortgage.  While it is true that
bank officials were negligent for lending you so much money,
the fact is that you hadn't been declared legally incompetent
and as an adult the contract you signed is binding.  That
you are illiterate or just too lazy to read the contract is
not an excuse for not paying your debts.

dank wrote:
> Borked Pseudo Mailed wrote...
> 
>> What's a borrower to do? If your loan balance exceeds your home's 
>> value, stop paying your mortgage immediately.
>> Remember, in the Bernanke/Pelosi/McCain world, the responsible get 
>> screwed, and the reckless get rewarded. 
> 
> 
> The responsible don't take out loans they can't afford to repay.
> If the person taking out a 30-year mortgage intends to pay it
> off, then short-term market fluctuations shouldn't be a problem
> because he intends to live in the house for years instead of
> trying to turn a profit today.  People who buy property to
> resell at a profit are speculators and deserve to lose their
> money because they knew the risks.
> 
> 
>> If you stop paying your mortgage, your bank will either voluntary 
>> renegotiate the terms, or Congress will force them to do it. If you 
>> keep paying on an underwater house, you're just throwing good money 
>> after bad.
> 
> 
> You want them to renegotiate the terms so your Burger King
> paycheck covers a $200,000 mortgage.  While it is true that
> bank officials were negligent for lending you so much money,
> the fact is that you hadn't been declared legally incompetent
> and as an adult the contract you signed is binding.  That
> you are illiterate or just too lazy to read the contract is
> not an excuse for not paying your debts.

Sacred debt.  The whole world can go to hell to keep debt sacred.  Funny, 
it's only sacred for the little man.  The rich don't feel obligated to pay 
their debts.  The really rich get the government to pay for them.  Bankrupt 
corporations millions or billions in debt are liquidated and the executives 
and major stockholders softly land with their golden parachutes and then 
start new corporations with new names.

Mortgage lending is a scam; a racket.  The housing bubble was fueled with 
funny money.  Talk about speculators.  Mortgage lenders are the biggest 
speculators.  They create money from no labor to loan on land that takes no 
labor to make in the first place.  The entire financial sector knew exactly 
what it was doing.  Everybody from Greenspan on down conspired to 
deliberately create the housing bubble in order to fleece working people. 
And now these parasites have the gall to get all moral about paying your debts.

Mark M.
> 
>