I wish more people really understood this is a secured debt, and that there’s no need to slink away in shame.
Seriously. If I ever buy a house again, I’ll pay cash. They’re still too overpriced.
Mortgages
2 thoughts on “Mortgages”
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i KNEW you’d be linking to this one. It’s my favorite “walking away” piece. By the way, have you noted the trajectory of these pieces? A few months ago it was all “these horrible people walking away form their mortgages”, then it became “it’s very bad to walk away…but JP Morgan and big corporations do it all the time.” Now it’s “wheeee! The banks are crooks, walk away, fuck it!”
Good point that is not made often enough about the nature of a secured debt. Similar point can be made about the sub-prime and alt-A loans in that the risks (as the lenders should see and calculate) were built in, so that at the very least there should not be any onus on the borrowers as to the integrity of their behavior. Lenders who lend against security have only the security to recover, such is the purpose of a mortgage.