The relationship between the borrower and the lender is similar to that between you and your insurance company. If you hit a car and your insurance company pays are you unethical? If a silly teenager does is he unethical? Maybe, but he made a deal to cover the risk that he was silly and unethical. Insurance company pays.
Whether non-recourse laws are a good idea or not isn’t really the topic of this thread and it seems like some can’t see that(for whatever reason). For some reason people think FB’S must take on some super ethics after blowing it, even though they had the help of some mighty unscrupulous people on the other end of the contract and in the purchase decision and transaction.
To think that the borrowers did not get hurt is not very clear sighted. Maybe from the perspective of a massive bankroll and keys to the world , like the average pigg has stashed away, they did not. Lots of people lost everything they had saved from hard and humble lives. Paid double rent for a POS for a few years while barely making it by on other fronts(while waiting for the promissed inflation, refinance or whatever was promished to make it work out for them). They fought with their spouses, did feel humiliated and get bad credit marks. The lenders are despicable and should pay big time. The upside down people that I know are taking responsibility from an emotional or psychological perspective.Some are fighting to stay and pay but that idea is absurd and impossible for others.
I’d rather drink a beer with someone who can see these kind of things about those losing their houses and put down the pitchforks, than with some self congratulating person who apparently never screwed up on something they established just a little too much hope in.
Treat your neighbor well. The Banks. The government, Real Estate Industry ect. Hurt us all.
Is that a rant? LOL.
