ST Alpha - "It's fine by me. If you walk away, you should get punished. But some people still need to walk away. -- nm" (Reading a Post)

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In response to "That's good. make it longer than 7 years. -- nm" by Will Hunting

It's fine by me. If you walk away, you should get punished. But some people still need to walk away. -- nm

Posted by Mop (222 lbs) (aka rburriel) Jun 23 '10, 15:02

(No message)

Responses:

i don't understand why it's not just as acceptable for the bank to get the property as it is for them to get the mortgage payments. If the two are not - mara Jun 23, 15:06 32
- Becuase they were comparable when the loan was made. - Will Hunting Jun 23, 15:14 26
  - its never a fair deal - lafarrow Jun 23, 15:16 25
    - Yeah.....that ability to refinance on the homeowner's whim....that the bank never comes back to when prices have no question jumped..... - Will Hunting Jun 23, 15:17 24
      - I think the very nature of a mortgage is a bank saying, in effect, if you don't pay, we get your house. The borrower is saying, okay, it's a deal. -- nm - mara Jun 23, 15:19 22
        
        Until someone forces me to sign that deal, it's equally on me. - Will Hunting Jun 23, 15:22 19
        
        You don't feel that the institution with hundreds, if not thousands, of employees and far more capital has a tad more leverage and thus more - musubi Jun 23, 15:25 12
        
        No. I believe my life, my home, my money....I have a far bigger responsibility to my own economic situation - Will Hunting Jun 23, 15:29 11
        
        so if i read the contract in a way that you think is unfair you'll still - lafarrow Jun 23, 15:33 2
        
        What's unfair about on the 1st of each month, you'll pay $$$ for this property that as of Date has $$$ value. - Will Hunting Jun 23, 15:36 1
        
        Except the banks crashed the market by loaning to people that couldn't pay, and the honest people are supposed to pay on a devalued property. - Redmond Jun 23, 15:46
        
        I should clarify, this is not specific to those who walk away from loans they have the ability to pay. - musubi Jun 23, 15:33 7
        
        I think lenders should make the wisest decisions for their interests. - Will Hunting Jun 23, 15:34 6
        
        Therein lies the rub. As the big guy who has little to lose (and can absorb many bad mortages) shouldn't the onus be there to do the rigth thing? - musubi Jun 23, 15:40 4
        
        If it weren't for market regulations, they would operate the same as loan sharks for maximum shareholder revenue. -- nm - Beryllium Jun 23, 15:41 3
        
        (And, frankly, this is exactly what they did, and exactly what caused the collapse) -- nm - Beryllium Jun 23, 15:43 2
        
        Yup. And as corporations there's no "personal responsibilty" to scold them about. - musubi Jun 23, 15:44 1
        
        Well they should be going to jail but that isn't going to happen. Lie Steal Cheat and be rich with no risk of prison. -- nm - Redmond Jun 23, 15:54
        
        they don't really have a good track record for this. -- nm - Beryllium Jun 23, 15:37
        
        are you kidding me - lafarrow Jun 23, 15:23 5
        
        Sure they do....they find other sources of money willing to make better deals for that loan - Will Hunting Jun 23, 15:25 4
        
        With a million options which makes almost any apple to apple comparison impossible. - musubi Jun 23, 15:28
        
        take a vote of your fellow TTers right now - lafarrow Jun 23, 15:27 2
        
        IM: not to play? What, and end up renting? Those are the *real* retards! - Dr.Vermin Jun 23, 15:33 1
        
        everything in cash baby - lafarrow Jun 23, 15:36
        
        the issue is the deficiency - meaning the bank doesn't just - lafarrow Jun 23, 15:21 1
        
        [deleted]
      - its not on your whim as a homeowner - lafarrow Jun 23, 15:19
- they take a haircut on the foreclosure sale in this market -- nm - chuckles Jun 23, 15:10 1
  - banks never lose -- nm - lafarrow Jun 23, 15:15
- Because in many cases the property isn't worth what they loaned on it. -- nm - MojaveMeg Jun 23, 15:09 1
  - BI think that's their problem. They're the ones holding the mortgage. -- nm - mara Jun 23, 15:16
- Banks want to have their cake and eat it, too. Clearly the two are not comparable since the crash. - Mop (222 lbs) Jun 23, 15:09
If you read the first line of the article, it says this is toward those people who have the means to pay but walk away. -- nm - Will Hunting Jun 23, 15:03 10
- Yes, I get that. And I mean those people. Makes no sense to be paying on an overpriced house, even if you can. -- nm - Mop (222 lbs) Jun 23, 15:04 9
  - I'm confused by your entire tack on this. - Will Hunting Jun 23, 15:06 8
    - I think Mop is saying that yes, they should be "punished", but that for *some* people it would still make sense to walk away. - musubi Jun 23, 15:13 7
      - Exactly. There's a price to pay for breaking a contract. But the price may still be worth it. -- nm - Mop (222 lbs) Jun 23, 15:20
      - punish the banks -- nm - lafarrow Jun 23, 15:13 5
        
        Because they didn't renegotiate? -- nm - Mop (222 lbs) Jun 23, 15:16 4
        
        b/c they make the rules and have all of the information - lafarrow Jun 23, 15:17 3
        
        FIGHT THE POWAH -- nm - Dr.Vermin Jun 23, 15:21 1
        
        its the only way to be sure man - lafarrow Jun 23, 15:22
        
        I....agree....with laf? (nm) - musubi Jun 23, 15:20

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