ST Alpha - "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" (Reading a Post)

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In response to "Yeah.....that ability to refinance on the homeowner's whim....that the bank never comes back to when prices have no question jumped....." by Will Hunting

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

Posted by mara Jun 23 '10, 15:19

(No message)

Responses:

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]

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