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Home › Forums › Housing › Intentional defaulting, not subprime mortgage is the problem

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  • July 21, 2009 at 1:06 PM #16072
    donaldduckmoore
    Participant

    Not sure how many of you guys agree but I found that intentional defaulting is the problem to the house market. I had discussed this issue almost a year ago and now a professor from the University of Chicago raised the same issue and I would like to hear your opinions about it.

    See the Link: http://finance.yahoo.com/tech-ticker/article/286807/Time-for-a-New-Mortgage-Plan?tickers=dia,spy,hd,len,l&sec=topStories&pos=9&asset=&ccode=

    Intentional defaulting is created by these owners who want to default not because they cannot afford the house, but they see their house values gone down and they see other people are doing it so that they do it. This is the continuation of our culture of financial irresponsibility that has created the housing bubble.

    My idea to cure this problem is to let these owners take back their responsibilities and to let them carry more recourse. I am not sure how the non-resource thing works, but if we can modify the term of recourse, I guarantee that more than 1/4 of the potential foreclosures will be muted. Loan modification is only a way to let these greedy owners want more from the tax payers.

    July 21, 2009 at 2:05 PM #434663
    Arraya
    Participant

    Oh no! People are acting like corporations doing a cost/benifit analysis for their own personal finances.

    What’s next? Corporation doing things for altruistic reasons. It’ll be anarchy!

    Maybe an indentured servitude program where people make up the loss in value of their home, that was transfered to the bank, that was never really there in the first place, comprised of money that does not really exist. Sounds like a plan.

    By 2011 we will have work camps in the millions all run by Goldman Sachs with full support of the US military.

    That will teach those stupid greedy FBs a lesson.

    July 21, 2009 at 2:05 PM #434868
    Arraya
    Participant

    Oh no! People are acting like corporations doing a cost/benifit analysis for their own personal finances.

    What’s next? Corporation doing things for altruistic reasons. It’ll be anarchy!

    Maybe an indentured servitude program where people make up the loss in value of their home, that was transfered to the bank, that was never really there in the first place, comprised of money that does not really exist. Sounds like a plan.

    By 2011 we will have work camps in the millions all run by Goldman Sachs with full support of the US military.

    That will teach those stupid greedy FBs a lesson.

    July 21, 2009 at 2:05 PM #435185
    Arraya
    Participant

    Oh no! People are acting like corporations doing a cost/benifit analysis for their own personal finances.

    What’s next? Corporation doing things for altruistic reasons. It’ll be anarchy!

    Maybe an indentured servitude program where people make up the loss in value of their home, that was transfered to the bank, that was never really there in the first place, comprised of money that does not really exist. Sounds like a plan.

    By 2011 we will have work camps in the millions all run by Goldman Sachs with full support of the US military.

    That will teach those stupid greedy FBs a lesson.

    July 21, 2009 at 2:05 PM #435259
    Arraya
    Participant

    Oh no! People are acting like corporations doing a cost/benifit analysis for their own personal finances.

    What’s next? Corporation doing things for altruistic reasons. It’ll be anarchy!

    Maybe an indentured servitude program where people make up the loss in value of their home, that was transfered to the bank, that was never really there in the first place, comprised of money that does not really exist. Sounds like a plan.

    By 2011 we will have work camps in the millions all run by Goldman Sachs with full support of the US military.

    That will teach those stupid greedy FBs a lesson.

    July 21, 2009 at 2:05 PM #435427
    Arraya
    Participant

    Oh no! People are acting like corporations doing a cost/benifit analysis for their own personal finances.

    What’s next? Corporation doing things for altruistic reasons. It’ll be anarchy!

    Maybe an indentured servitude program where people make up the loss in value of their home, that was transfered to the bank, that was never really there in the first place, comprised of money that does not really exist. Sounds like a plan.

    By 2011 we will have work camps in the millions all run by Goldman Sachs with full support of the US military.

    That will teach those stupid greedy FBs a lesson.

    July 21, 2009 at 2:20 PM #434678
    AK
    Participant

    A non-recourse mortgage is a form of hedging against asset deflation. You get too far underwater, you default.

    I’d rather see them default, start renting, and contribute to the general economy again. Better than keeping them in debt servitude or bailing them out with mortgage mods.

    July 21, 2009 at 2:20 PM #434883
    AK
    Participant

    A non-recourse mortgage is a form of hedging against asset deflation. You get too far underwater, you default.

    I’d rather see them default, start renting, and contribute to the general economy again. Better than keeping them in debt servitude or bailing them out with mortgage mods.

    July 21, 2009 at 2:20 PM #435200
    AK
    Participant

    A non-recourse mortgage is a form of hedging against asset deflation. You get too far underwater, you default.

    I’d rather see them default, start renting, and contribute to the general economy again. Better than keeping them in debt servitude or bailing them out with mortgage mods.

    July 21, 2009 at 2:20 PM #435274
    AK
    Participant

    A non-recourse mortgage is a form of hedging against asset deflation. You get too far underwater, you default.

    I’d rather see them default, start renting, and contribute to the general economy again. Better than keeping them in debt servitude or bailing them out with mortgage mods.

    July 21, 2009 at 2:20 PM #435442
    AK
    Participant

    A non-recourse mortgage is a form of hedging against asset deflation. You get too far underwater, you default.

    I’d rather see them default, start renting, and contribute to the general economy again. Better than keeping them in debt servitude or bailing them out with mortgage mods.

    July 21, 2009 at 2:22 PM #434683
    peterb
    Participant

    Let’s re enact debtors prison. No, that will cost money to keep people in prison. How about indentured service? Or better yet, socialism. Yup, socialism will win the battle.

    July 21, 2009 at 2:22 PM #434888
    peterb
    Participant

    Let’s re enact debtors prison. No, that will cost money to keep people in prison. How about indentured service? Or better yet, socialism. Yup, socialism will win the battle.

    July 21, 2009 at 2:22 PM #435205
    peterb
    Participant

    Let’s re enact debtors prison. No, that will cost money to keep people in prison. How about indentured service? Or better yet, socialism. Yup, socialism will win the battle.

    July 21, 2009 at 2:22 PM #435279
    peterb
    Participant

    Let’s re enact debtors prison. No, that will cost money to keep people in prison. How about indentured service? Or better yet, socialism. Yup, socialism will win the battle.

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