I get the feeling (I could be wrong) that you feel the same moral standard applies to the real estate scenario being discussed, to that of promising to pay someone to do a job. They do the job, but you don’t pay them. You broke your word, ipso facto immoral. No different than walking on a non-recourse home loan?[/quote]
Basically, yes.
[quote=pabloesqobar]
I don’t know enough about the minutiae of the rules/practice regarding their behavior to opine on their morality. And I don’t think it’s relevant to our current scenario.[/quote]
We’re discussing the morality and obligations of various parties to the financial crisis. Goldman Sachs is definitely one of those parties. Consequently, I’d say it’s very relevant.
[quote=pabloesqobar]
[quote=davelj] Sure. When their current income can’t support the payments and they’re down to their last $5K. [/quote]
How did you come up with that?[/quote]
I made it up. You asked my opinion and I gave it to you.
[quote=pabloesqobar]
And, I’ll assume that NO, you will not be begging to make sure that all further real estate contracts you enter into will only be moral ones.[/quote]
Actually, I’d be more than happy to offer a FULL personal guarantee on ANY AND ALL debt obligations that I enter into, including any mortgages that don’t otherwise require it. Although I certainly wouldn’t delay a transaction just to change the verbiage of an agreement that excluded my personal guarantee, as is. Does that answer your question?
