Ethical considerations (none) for defaulting on non-recourse loan.

[jonnycsd]

Kev374 wrote:

IF taxpayers were not involved in any way and the system was 100% freemarket, i.e. banks would take losses and shut down then I see absolutely no problem with walking away…it is between the borrower and the bank.

But because of the bailouts this is affecting everyone now so yes it is unethical.

So what you are saying is that the government is spending your money unethically? Thats an argument I can understand – even though the Govt, misguided as it may be, is just clumsily trying to choose the lesser of two evils.

[jonnycsd]

[quote=threadkiller]A lot of verbage,but the main point of most posters is that just because it’s legal does not make it right. I can go out and legally cheat on my wife, but that doesn’t make it ethical.[/quote]

EVERY lender knew the rules going into this game, giving the home back is not like cheating on your wife. Lenders were ready to get in bed with anyone just to juice up thier fees.

What’s unethical is telling your wife that you want to be a swinger, then calling her a whore after she takes you up on the offer.

[jonnycsd]

[quote=threadkiller]A lot of verbage,but the main point of most posters is that just because it’s legal does not make it right. I can go out and legally cheat on my wife, but that doesn’t make it ethical.[/quote]

EVERY lender knew the rules going into this game, giving the home back is not like cheating on your wife. Lenders were ready to get in bed with anyone just to juice up thier fees.

What’s unethical is telling your wife that you want to be a swinger, then calling her a whore after she takes you up on the offer.

[jonnycsd]

[quote=threadkiller]A lot of verbage,but the main point of most posters is that just because it’s legal does not make it right. I can go out and legally cheat on my wife, but that doesn’t make it ethical.[/quote]

EVERY lender knew the rules going into this game, giving the home back is not like cheating on your wife. Lenders were ready to get in bed with anyone just to juice up thier fees.

What’s unethical is telling your wife that you want to be a swinger, then calling her a whore after she takes you up on the offer.

[jonnycsd]

[quote=threadkiller]A lot of verbage,but the main point of most posters is that just because it’s legal does not make it right. I can go out and legally cheat on my wife, but that doesn’t make it ethical.[/quote]

EVERY lender knew the rules going into this game, giving the home back is not like cheating on your wife. Lenders were ready to get in bed with anyone just to juice up thier fees.

What’s unethical is telling your wife that you want to be a swinger, then calling her a whore after she takes you up on the offer.

[jonnycsd]

[quote=threadkiller]A lot of verbage,but the main point of most posters is that just because it’s legal does not make it right. I can go out and legally cheat on my wife, but that doesn’t make it ethical.[/quote]

EVERY lender knew the rules going into this game, giving the home back is not like cheating on your wife. Lenders were ready to get in bed with anyone just to juice up thier fees.

What’s unethical is telling your wife that you want to be a swinger, then calling her a whore after she takes you up on the offer.

[SK in CV]

I think you miss an important point here patientrenter:

[quote=patientrenter]analyst, when I read your argument, what I see is, to paraphrase: “Those people over there guarding the gold at Fort Leavenworth left the door open. Other people are stealing the gold. Let’s blame the people who left the door open, and not assign any blame or responsibility on the people who stole the gold. Hell, they hardly even stole it, because whenever you see a door open, everything inside is yours for the taking.”
[/quote]

It’s true. Except for those guys that were guarding the door? They got paid big bucks for guarding the door. They got paid even BIGGER bucks for leaving the door open. In fact, they did more than leave the door open. They went in, grabbed the gold and hand delivered it to those people who “stole” it. And then went searching, begging for more borrowers to “steal” other people’s gold.

There are no innocent here. Not the investor/lenders/packagers who funded and bought the debt. Not the direct lenders, loan brokers, loan agents, underwriters and processors who facilitated the loans. Not the government regulators who had their head in the sand while the gold was being stolen. And not the borrowers, who knowingly or not, borrowed more than they should have. And last, but certainly not least, the financial wizards who created and traded derivatives based on that debt.

[SK in CV]

I think you miss an important point here patientrenter:

[quote=patientrenter]analyst, when I read your argument, what I see is, to paraphrase: “Those people over there guarding the gold at Fort Leavenworth left the door open. Other people are stealing the gold. Let’s blame the people who left the door open, and not assign any blame or responsibility on the people who stole the gold. Hell, they hardly even stole it, because whenever you see a door open, everything inside is yours for the taking.”
[/quote]

It’s true. Except for those guys that were guarding the door? They got paid big bucks for guarding the door. They got paid even BIGGER bucks for leaving the door open. In fact, they did more than leave the door open. They went in, grabbed the gold and hand delivered it to those people who “stole” it. And then went searching, begging for more borrowers to “steal” other people’s gold.

There are no innocent here. Not the investor/lenders/packagers who funded and bought the debt. Not the direct lenders, loan brokers, loan agents, underwriters and processors who facilitated the loans. Not the government regulators who had their head in the sand while the gold was being stolen. And not the borrowers, who knowingly or not, borrowed more than they should have. And last, but certainly not least, the financial wizards who created and traded derivatives based on that debt.

[SK in CV]

I think you miss an important point here patientrenter:

[quote=patientrenter]analyst, when I read your argument, what I see is, to paraphrase: “Those people over there guarding the gold at Fort Leavenworth left the door open. Other people are stealing the gold. Let’s blame the people who left the door open, and not assign any blame or responsibility on the people who stole the gold. Hell, they hardly even stole it, because whenever you see a door open, everything inside is yours for the taking.”
[/quote]

It’s true. Except for those guys that were guarding the door? They got paid big bucks for guarding the door. They got paid even BIGGER bucks for leaving the door open. In fact, they did more than leave the door open. They went in, grabbed the gold and hand delivered it to those people who “stole” it. And then went searching, begging for more borrowers to “steal” other people’s gold.

There are no innocent here. Not the investor/lenders/packagers who funded and bought the debt. Not the direct lenders, loan brokers, loan agents, underwriters and processors who facilitated the loans. Not the government regulators who had their head in the sand while the gold was being stolen. And not the borrowers, who knowingly or not, borrowed more than they should have. And last, but certainly not least, the financial wizards who created and traded derivatives based on that debt.

[SK in CV]

I think you miss an important point here patientrenter:

[quote=patientrenter]analyst, when I read your argument, what I see is, to paraphrase: “Those people over there guarding the gold at Fort Leavenworth left the door open. Other people are stealing the gold. Let’s blame the people who left the door open, and not assign any blame or responsibility on the people who stole the gold. Hell, they hardly even stole it, because whenever you see a door open, everything inside is yours for the taking.”
[/quote]

It’s true. Except for those guys that were guarding the door? They got paid big bucks for guarding the door. They got paid even BIGGER bucks for leaving the door open. In fact, they did more than leave the door open. They went in, grabbed the gold and hand delivered it to those people who “stole” it. And then went searching, begging for more borrowers to “steal” other people’s gold.

There are no innocent here. Not the investor/lenders/packagers who funded and bought the debt. Not the direct lenders, loan brokers, loan agents, underwriters and processors who facilitated the loans. Not the government regulators who had their head in the sand while the gold was being stolen. And not the borrowers, who knowingly or not, borrowed more than they should have. And last, but certainly not least, the financial wizards who created and traded derivatives based on that debt.

[SK in CV]

I think you miss an important point here patientrenter:

[quote=patientrenter]analyst, when I read your argument, what I see is, to paraphrase: “Those people over there guarding the gold at Fort Leavenworth left the door open. Other people are stealing the gold. Let’s blame the people who left the door open, and not assign any blame or responsibility on the people who stole the gold. Hell, they hardly even stole it, because whenever you see a door open, everything inside is yours for the taking.”
[/quote]

It’s true. Except for those guys that were guarding the door? They got paid big bucks for guarding the door. They got paid even BIGGER bucks for leaving the door open. In fact, they did more than leave the door open. They went in, grabbed the gold and hand delivered it to those people who “stole” it. And then went searching, begging for more borrowers to “steal” other people’s gold.

There are no innocent here. Not the investor/lenders/packagers who funded and bought the debt. Not the direct lenders, loan brokers, loan agents, underwriters and processors who facilitated the loans. Not the government regulators who had their head in the sand while the gold was being stolen. And not the borrowers, who knowingly or not, borrowed more than they should have. And last, but certainly not least, the financial wizards who created and traded derivatives based on that debt.

[patientrenter]

“There are no innocent[s] here.”

That I can agree with.

[patientrenter]

“There are no innocent[s] here.”

That I can agree with.

[patientrenter]

“There are no innocent[s] here.”

That I can agree with.

[patientrenter]

“There are no innocent[s] here.”

That I can agree with.

[Author]

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