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  • November 22, 2009 at 1:46 PM #486245
    george
    Participant

    The government did not GIVE anything to the banks. The funds were loaned to them at relatively high interest rates of 5-10% ( see: http://www.forbes.com/2009/01/02/gmac-tarp-capital-markets-equity-cx_md_0102markets09.html) or exchange for stock.

    Most of these institutions have huge assets, but were experiencing self inflicted liquidity problems. Bank of America alone has 2.3 trillion in assets (not including customer deposits), but received only a tiny fraction of that (45 billion??)in emergency funds. As far as loaning money goes, I think the banks are a pretty safe risk. On the other hand if the government had loaned the money to the assetless, deadbeat home owners it truly would have been a giveaway.

    I’ve noticed over the years that deadbeats always rationalize not paying back money that they borrowed in good faith. They delude themselves into thinking that they are justified in stiffing the lender. I’m not saying you’re a deadbeat, but I could see how someone might get that impression reading the rationalizations in some of your posts. You are entirely responsible for your predicament. The situation you are in is a very difficult one, but I think some of the posters here are unsympathetic because they think you may be a whiny deadbeat who blames others for his problems. Walking away from the home when you can still make payments is not the “right” thing to do, but it may be the best decision for you and your family. If you do it I recommend you don’t blame the “greedy” banks, realtors, etc. I think you will get a lot more moral support and respect from friends and family if you if you shoulder the blame. Good luck.

    November 22, 2009 at 1:59 PM #485400
    SellingMyHome
    Participant

    The last two posters are right, I am coming across badly. Sorry. I shouldn’t blame anyone but myself, or at least my ignorance 6 years ago!

    Maybe it isn’t the “right” thing to do morally, at least that is what a lot of folks want us to feel. It’s now a financial reason for me. I’m not a morally bankrupt person, just one of those that fell underwater enough to make a hard decision. That study about how people react at certain break points is so true! FYI, we are far from pulling the trigger here.

    Plan will be to save as much as possible for a huge downpayment on a house only when the time is right. Had I been reading this site 6 years ago, I would probably still be renting and saving. Oh well. And to the OP, I’m still not looking for pity, or “pitty” as you put it. 🙂

    November 22, 2009 at 1:59 PM #485568
    SellingMyHome
    Participant

    The last two posters are right, I am coming across badly. Sorry. I shouldn’t blame anyone but myself, or at least my ignorance 6 years ago!

    Maybe it isn’t the “right” thing to do morally, at least that is what a lot of folks want us to feel. It’s now a financial reason for me. I’m not a morally bankrupt person, just one of those that fell underwater enough to make a hard decision. That study about how people react at certain break points is so true! FYI, we are far from pulling the trigger here.

    Plan will be to save as much as possible for a huge downpayment on a house only when the time is right. Had I been reading this site 6 years ago, I would probably still be renting and saving. Oh well. And to the OP, I’m still not looking for pity, or “pitty” as you put it. 🙂

    November 22, 2009 at 1:59 PM #485941
    SellingMyHome
    Participant

    The last two posters are right, I am coming across badly. Sorry. I shouldn’t blame anyone but myself, or at least my ignorance 6 years ago!

    Maybe it isn’t the “right” thing to do morally, at least that is what a lot of folks want us to feel. It’s now a financial reason for me. I’m not a morally bankrupt person, just one of those that fell underwater enough to make a hard decision. That study about how people react at certain break points is so true! FYI, we are far from pulling the trigger here.

    Plan will be to save as much as possible for a huge downpayment on a house only when the time is right. Had I been reading this site 6 years ago, I would probably still be renting and saving. Oh well. And to the OP, I’m still not looking for pity, or “pitty” as you put it. 🙂

    November 22, 2009 at 1:59 PM #486027
    SellingMyHome
    Participant

    The last two posters are right, I am coming across badly. Sorry. I shouldn’t blame anyone but myself, or at least my ignorance 6 years ago!

    Maybe it isn’t the “right” thing to do morally, at least that is what a lot of folks want us to feel. It’s now a financial reason for me. I’m not a morally bankrupt person, just one of those that fell underwater enough to make a hard decision. That study about how people react at certain break points is so true! FYI, we are far from pulling the trigger here.

    Plan will be to save as much as possible for a huge downpayment on a house only when the time is right. Had I been reading this site 6 years ago, I would probably still be renting and saving. Oh well. And to the OP, I’m still not looking for pity, or “pitty” as you put it. 🙂

    November 22, 2009 at 1:59 PM #486255
    SellingMyHome
    Participant

    The last two posters are right, I am coming across badly. Sorry. I shouldn’t blame anyone but myself, or at least my ignorance 6 years ago!

    Maybe it isn’t the “right” thing to do morally, at least that is what a lot of folks want us to feel. It’s now a financial reason for me. I’m not a morally bankrupt person, just one of those that fell underwater enough to make a hard decision. That study about how people react at certain break points is so true! FYI, we are far from pulling the trigger here.

    Plan will be to save as much as possible for a huge downpayment on a house only when the time is right. Had I been reading this site 6 years ago, I would probably still be renting and saving. Oh well. And to the OP, I’m still not looking for pity, or “pitty” as you put it. 🙂

    November 22, 2009 at 2:14 PM #485410
    Arraya
    Participant

    Fuck that. Strategic defaults are such a infinitesimal part of this drama it’s negligible. It’s still at historical averages because of peoples misplaced morals, fear and shame. You went into a contract with a gangster syndicate that used the media and government to pump up an asset bubble for whatever reason.

    Breaking a contract with these gangsters is the “right” thing to do. Besides the bank did not put up collateral or “consideration” in legal speak. It was just a ledger entry as the created the money with a keystroke.

    Default away and feel good about it. Don’t listen to all these whinny bitches about moral and ethics. It is completely “bottom line” from top down. There is no reason to follow a set of ethics that the other party in the contract is not expected to.

    November 22, 2009 at 2:14 PM #485578
    Arraya
    Participant

    Fuck that. Strategic defaults are such a infinitesimal part of this drama it’s negligible. It’s still at historical averages because of peoples misplaced morals, fear and shame. You went into a contract with a gangster syndicate that used the media and government to pump up an asset bubble for whatever reason.

    Breaking a contract with these gangsters is the “right” thing to do. Besides the bank did not put up collateral or “consideration” in legal speak. It was just a ledger entry as the created the money with a keystroke.

    Default away and feel good about it. Don’t listen to all these whinny bitches about moral and ethics. It is completely “bottom line” from top down. There is no reason to follow a set of ethics that the other party in the contract is not expected to.

    November 22, 2009 at 2:14 PM #485950
    Arraya
    Participant

    Fuck that. Strategic defaults are such a infinitesimal part of this drama it’s negligible. It’s still at historical averages because of peoples misplaced morals, fear and shame. You went into a contract with a gangster syndicate that used the media and government to pump up an asset bubble for whatever reason.

    Breaking a contract with these gangsters is the “right” thing to do. Besides the bank did not put up collateral or “consideration” in legal speak. It was just a ledger entry as the created the money with a keystroke.

    Default away and feel good about it. Don’t listen to all these whinny bitches about moral and ethics. It is completely “bottom line” from top down. There is no reason to follow a set of ethics that the other party in the contract is not expected to.

    November 22, 2009 at 2:14 PM #486037
    Arraya
    Participant

    Fuck that. Strategic defaults are such a infinitesimal part of this drama it’s negligible. It’s still at historical averages because of peoples misplaced morals, fear and shame. You went into a contract with a gangster syndicate that used the media and government to pump up an asset bubble for whatever reason.

    Breaking a contract with these gangsters is the “right” thing to do. Besides the bank did not put up collateral or “consideration” in legal speak. It was just a ledger entry as the created the money with a keystroke.

    Default away and feel good about it. Don’t listen to all these whinny bitches about moral and ethics. It is completely “bottom line” from top down. There is no reason to follow a set of ethics that the other party in the contract is not expected to.

    November 22, 2009 at 2:14 PM #486265
    Arraya
    Participant

    Fuck that. Strategic defaults are such a infinitesimal part of this drama it’s negligible. It’s still at historical averages because of peoples misplaced morals, fear and shame. You went into a contract with a gangster syndicate that used the media and government to pump up an asset bubble for whatever reason.

    Breaking a contract with these gangsters is the “right” thing to do. Besides the bank did not put up collateral or “consideration” in legal speak. It was just a ledger entry as the created the money with a keystroke.

    Default away and feel good about it. Don’t listen to all these whinny bitches about moral and ethics. It is completely “bottom line” from top down. There is no reason to follow a set of ethics that the other party in the contract is not expected to.

    November 22, 2009 at 2:18 PM #485415
    SellingMyHome
    Participant

    [quote=Arraya]Fuck that. Strategic defaults are such a infinitesimal part of this drama it’s negligible. It’s still at historical averages because of peoples misplaced morals, fear and shame. You went into a contract with a gangster syndicate that used the media and government to pump up an asset bubble for whatever reason.

    Breaking a contract with these gangsters is the “right” thing to do. Besides the bank did not put up collateral or “consideration” in legal speak. It was just a ledger entry as the created the money with a keystroke.

    Default away and feel good about it. Don’t listen to all these whinny bitches about moral and ethics. It is completely “bottom line” from top down. There is no reason to follow a set of ethics that the other party in the contract is not expected to.[/quote]

    sweet! This is exactly what I need to hear!

    I doubt that will get any responses!

    November 22, 2009 at 2:18 PM #485583
    SellingMyHome
    Participant

    [quote=Arraya]Fuck that. Strategic defaults are such a infinitesimal part of this drama it’s negligible. It’s still at historical averages because of peoples misplaced morals, fear and shame. You went into a contract with a gangster syndicate that used the media and government to pump up an asset bubble for whatever reason.

    Breaking a contract with these gangsters is the “right” thing to do. Besides the bank did not put up collateral or “consideration” in legal speak. It was just a ledger entry as the created the money with a keystroke.

    Default away and feel good about it. Don’t listen to all these whinny bitches about moral and ethics. It is completely “bottom line” from top down. There is no reason to follow a set of ethics that the other party in the contract is not expected to.[/quote]

    sweet! This is exactly what I need to hear!

    I doubt that will get any responses!

    November 22, 2009 at 2:18 PM #485955
    SellingMyHome
    Participant

    [quote=Arraya]Fuck that. Strategic defaults are such a infinitesimal part of this drama it’s negligible. It’s still at historical averages because of peoples misplaced morals, fear and shame. You went into a contract with a gangster syndicate that used the media and government to pump up an asset bubble for whatever reason.

    Breaking a contract with these gangsters is the “right” thing to do. Besides the bank did not put up collateral or “consideration” in legal speak. It was just a ledger entry as the created the money with a keystroke.

    Default away and feel good about it. Don’t listen to all these whinny bitches about moral and ethics. It is completely “bottom line” from top down. There is no reason to follow a set of ethics that the other party in the contract is not expected to.[/quote]

    sweet! This is exactly what I need to hear!

    I doubt that will get any responses!

    November 22, 2009 at 2:18 PM #486041
    SellingMyHome
    Participant

    [quote=Arraya]Fuck that. Strategic defaults are such a infinitesimal part of this drama it’s negligible. It’s still at historical averages because of peoples misplaced morals, fear and shame. You went into a contract with a gangster syndicate that used the media and government to pump up an asset bubble for whatever reason.

    Breaking a contract with these gangsters is the “right” thing to do. Besides the bank did not put up collateral or “consideration” in legal speak. It was just a ledger entry as the created the money with a keystroke.

    Default away and feel good about it. Don’t listen to all these whinny bitches about moral and ethics. It is completely “bottom line” from top down. There is no reason to follow a set of ethics that the other party in the contract is not expected to.[/quote]

    sweet! This is exactly what I need to hear!

    I doubt that will get any responses!

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