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

[Ricechex]

[quote=Russell][quote=UCGal][quote=SK in CV]

What your are talking about UCgal, has possible shades of ethical gray. The “diner and dasher” didn’t put down a payment for a fine steak and get Hamburger. What if the person feels entitled to use the free rent as repayment of the down payment they were “tricked’ into putting into a good sound investment that wasn’t. What if they feel entitled to recoup just for the inconvenience of it all?

I think some people figured that if they could borrow money, it meant it was a good idea because the great U.S. doesn’t do stupid things.Some people trusted. Stretching things a bit, it was even patriotic to get in game. There must be a reason for it all?

We can’t realistically expect that every bubble buyer had an idea of just how foolish the goings on were or how significant the consequences would be(even though piggs did).I don’t think most were trying to game anything from the onset.

Many of the subprime people were immigrant ,first generation homeowners.Some were just very unsophisticated. All the people “analyst” mentions in his opening thread were goading them into buying and lying to them when they asked questions about the viability or the investment.

Just trying to put myself in someone elses shoes.Not sure I want to blame them for taking a break if it is legal , even though I take the idea of personal ethics very seriously.[/quote]

Russell, I completely concur. I know several people underwater and they are ALL paying their mortgages. Some friends sold a condo and bought a house in 2006, and while in escrow, the lender kept attempting to get them to get a subprime loan, when in fact, they were fully qualified for a 30 year fixed. They were fighting with this lender to stay with the 30 year, and the lender continued to badger them about getting the subprime loan. They switched lenders, got the 30 year fixed, and that was that. Now, how many people could have been snowed with lender’s salespitch to get the subprime loan? This couple happenned to be more knowledgeable and experienced.

[patientrenter]

I acknowledge that there are valid points to be made on both sides of this argument.

But I am ticked off by people pretending that there isn’t often a selfish motive when arguments are made that it’s OK to walk away from repaying your debts. Let’s face it, not many of us think of ourselves as investors who loaned large amounts of our own personal money to people overpaying for homes, and might lose a $1 of our own money for each $1 that’s not repaid. But lots of us are, or plan to be, homeowners. As homeowners, it would be nice if we could avoid repaying our mortgage, and feel no pangs of conscience or the pain of social opprobrium. We may never have done it, and we may not have an opportunity to do it now, but we wouldn’t mind having the option to do it in the future. “It’s OK if I steal a little, isn’t it”. My answer is No.

[patientrenter]

I acknowledge that there are valid points to be made on both sides of this argument.

But I am ticked off by people pretending that there isn’t often a selfish motive when arguments are made that it’s OK to walk away from repaying your debts. Let’s face it, not many of us think of ourselves as investors who loaned large amounts of our own personal money to people overpaying for homes, and might lose a $1 of our own money for each $1 that’s not repaid. But lots of us are, or plan to be, homeowners. As homeowners, it would be nice if we could avoid repaying our mortgage, and feel no pangs of conscience or the pain of social opprobrium. We may never have done it, and we may not have an opportunity to do it now, but we wouldn’t mind having the option to do it in the future. “It’s OK if I steal a little, isn’t it”. My answer is No.

[patientrenter]

I acknowledge that there are valid points to be made on both sides of this argument.

But I am ticked off by people pretending that there isn’t often a selfish motive when arguments are made that it’s OK to walk away from repaying your debts. Let’s face it, not many of us think of ourselves as investors who loaned large amounts of our own personal money to people overpaying for homes, and might lose a $1 of our own money for each $1 that’s not repaid. But lots of us are, or plan to be, homeowners. As homeowners, it would be nice if we could avoid repaying our mortgage, and feel no pangs of conscience or the pain of social opprobrium. We may never have done it, and we may not have an opportunity to do it now, but we wouldn’t mind having the option to do it in the future. “It’s OK if I steal a little, isn’t it”. My answer is No.

[patientrenter]

I acknowledge that there are valid points to be made on both sides of this argument.

But I am ticked off by people pretending that there isn’t often a selfish motive when arguments are made that it’s OK to walk away from repaying your debts. Let’s face it, not many of us think of ourselves as investors who loaned large amounts of our own personal money to people overpaying for homes, and might lose a $1 of our own money for each $1 that’s not repaid. But lots of us are, or plan to be, homeowners. As homeowners, it would be nice if we could avoid repaying our mortgage, and feel no pangs of conscience or the pain of social opprobrium. We may never have done it, and we may not have an opportunity to do it now, but we wouldn’t mind having the option to do it in the future. “It’s OK if I steal a little, isn’t it”. My answer is No.

[patientrenter]

I acknowledge that there are valid points to be made on both sides of this argument.

But I am ticked off by people pretending that there isn’t often a selfish motive when arguments are made that it’s OK to walk away from repaying your debts. Let’s face it, not many of us think of ourselves as investors who loaned large amounts of our own personal money to people overpaying for homes, and might lose a $1 of our own money for each $1 that’s not repaid. But lots of us are, or plan to be, homeowners. As homeowners, it would be nice if we could avoid repaying our mortgage, and feel no pangs of conscience or the pain of social opprobrium. We may never have done it, and we may not have an opportunity to do it now, but we wouldn’t mind having the option to do it in the future. “It’s OK if I steal a little, isn’t it”. My answer is No.

[CA renter]

Excellent posts, analyst!

You are absolutely correct — the lenders are most to blame for this mess, along with the regulators who knew what was happening and refused to fix the problems (even blocked attempts by others to fix the problems).

While many borrowers were indeed guilty of fraud, for the most part, they couldn’t have done it without the complicity of the lending establishment.

[CA renter]

Excellent posts, analyst!

You are absolutely correct — the lenders are most to blame for this mess, along with the regulators who knew what was happening and refused to fix the problems (even blocked attempts by others to fix the problems).

While many borrowers were indeed guilty of fraud, for the most part, they couldn’t have done it without the complicity of the lending establishment.

[CA renter]

Excellent posts, analyst!

You are absolutely correct — the lenders are most to blame for this mess, along with the regulators who knew what was happening and refused to fix the problems (even blocked attempts by others to fix the problems).

While many borrowers were indeed guilty of fraud, for the most part, they couldn’t have done it without the complicity of the lending establishment.

[CA renter]

Excellent posts, analyst!

You are absolutely correct — the lenders are most to blame for this mess, along with the regulators who knew what was happening and refused to fix the problems (even blocked attempts by others to fix the problems).

While many borrowers were indeed guilty of fraud, for the most part, they couldn’t have done it without the complicity of the lending establishment.

[CA renter]

Excellent posts, analyst!

You are absolutely correct — the lenders are most to blame for this mess, along with the regulators who knew what was happening and refused to fix the problems (even blocked attempts by others to fix the problems).

While many borrowers were indeed guilty of fraud, for the most part, they couldn’t have done it without the complicity of the lending establishment.

[temeculaguy]

[quote=patientrenter] “It’s OK if I steal a little, isn’t it”. My answer is No.[/quote]

That’s the crux of the issue, you only have to be accountable to you, don’t worry about everyone else. We will get through this and we will get through the next thing, but in the end, you only need to worry about how you feel about you.

Not paying your debts, breaking your promises, cheating on your taxes, having an abortion, cheating on your spouse, lying to your kids, faking erectile dysfuntion just to get a viagra prescription for sport, leaving the toilet seat up, whatever it is that you feel is ethical or unethical yet isn’t illegal, let it go, free yourself of the hall monitor duties and just worry about impressing yourself.

I’m more than halfway though my time on the planet and i’ll be damned if I am going to turn back now on the undefeated record for at least five of the eight aforementioned examples, some things define you and even if they cost you a little in getting ahead as far as money goes, once lost, principles cannot be reaquired.

This has been a viral e-mail, i’m sure you’ve all gotten it before but as a reminder

http://acct.tamu.edu/smith/success.htm

“Honor is better than honors” -Abe Lincoln

[temeculaguy]

[quote=patientrenter] “It’s OK if I steal a little, isn’t it”. My answer is No.[/quote]

That’s the crux of the issue, you only have to be accountable to you, don’t worry about everyone else. We will get through this and we will get through the next thing, but in the end, you only need to worry about how you feel about you.

Not paying your debts, breaking your promises, cheating on your taxes, having an abortion, cheating on your spouse, lying to your kids, faking erectile dysfuntion just to get a viagra prescription for sport, leaving the toilet seat up, whatever it is that you feel is ethical or unethical yet isn’t illegal, let it go, free yourself of the hall monitor duties and just worry about impressing yourself.

I’m more than halfway though my time on the planet and i’ll be damned if I am going to turn back now on the undefeated record for at least five of the eight aforementioned examples, some things define you and even if they cost you a little in getting ahead as far as money goes, once lost, principles cannot be reaquired.

This has been a viral e-mail, i’m sure you’ve all gotten it before but as a reminder

http://acct.tamu.edu/smith/success.htm

“Honor is better than honors” -Abe Lincoln

[temeculaguy]

[quote=patientrenter] “It’s OK if I steal a little, isn’t it”. My answer is No.[/quote]

That’s the crux of the issue, you only have to be accountable to you, don’t worry about everyone else. We will get through this and we will get through the next thing, but in the end, you only need to worry about how you feel about you.

Not paying your debts, breaking your promises, cheating on your taxes, having an abortion, cheating on your spouse, lying to your kids, faking erectile dysfuntion just to get a viagra prescription for sport, leaving the toilet seat up, whatever it is that you feel is ethical or unethical yet isn’t illegal, let it go, free yourself of the hall monitor duties and just worry about impressing yourself.

I’m more than halfway though my time on the planet and i’ll be damned if I am going to turn back now on the undefeated record for at least five of the eight aforementioned examples, some things define you and even if they cost you a little in getting ahead as far as money goes, once lost, principles cannot be reaquired.

This has been a viral e-mail, i’m sure you’ve all gotten it before but as a reminder

http://acct.tamu.edu/smith/success.htm

“Honor is better than honors” -Abe Lincoln

[temeculaguy]

[quote=patientrenter] “It’s OK if I steal a little, isn’t it”. My answer is No.[/quote]

That’s the crux of the issue, you only have to be accountable to you, don’t worry about everyone else. We will get through this and we will get through the next thing, but in the end, you only need to worry about how you feel about you.

Not paying your debts, breaking your promises, cheating on your taxes, having an abortion, cheating on your spouse, lying to your kids, faking erectile dysfuntion just to get a viagra prescription for sport, leaving the toilet seat up, whatever it is that you feel is ethical or unethical yet isn’t illegal, let it go, free yourself of the hall monitor duties and just worry about impressing yourself.

I’m more than halfway though my time on the planet and i’ll be damned if I am going to turn back now on the undefeated record for at least five of the eight aforementioned examples, some things define you and even if they cost you a little in getting ahead as far as money goes, once lost, principles cannot be reaquired.

This has been a viral e-mail, i’m sure you’ve all gotten it before but as a reminder

http://acct.tamu.edu/smith/success.htm

“Honor is better than honors” -Abe Lincoln

[Author]

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