[patientrenter]

[quote=peterb]I cant believe this is even a discussion topic. It’s business, get over it. Be glad it’s non-recourse.[/quote]

Just when it’s dying down, someone raises the red flag!

There are several reasons why it’s a discussion topic.

1. Lenders didn’t choose to make these loans non-recourse. California lawmakers made that choice. That makes us all (indirectly) responsible for the loan forgiveness.

2. Most of the losses caused by a failure to repay loans against homes are borne by taxpayers. Most of the rest will be borne by net savers as low interest rates now and future inflation depress their net worth. A considerable amount will also be borne by pensioners and others whose income relies on investments that pay good interest, and are repaid in full.

3. “Be glad”. I’d be glad only if I thought that taking money from one person, without their agreement, and giving it to another was OK.

4. Not everyone subscribes to the “if it’s legal, it’s OK” theory of social behavior. I wouldn’t want to do business with that kind of person.

[patientrenter]

[quote=peterb]I cant believe this is even a discussion topic. It’s business, get over it. Be glad it’s non-recourse.[/quote]

Just when it’s dying down, someone raises the red flag!

There are several reasons why it’s a discussion topic.

1. Lenders didn’t choose to make these loans non-recourse. California lawmakers made that choice. That makes us all (indirectly) responsible for the loan forgiveness.

2. Most of the losses caused by a failure to repay loans against homes are borne by taxpayers. Most of the rest will be borne by net savers as low interest rates now and future inflation depress their net worth. A considerable amount will also be borne by pensioners and others whose income relies on investments that pay good interest, and are repaid in full.

3. “Be glad”. I’d be glad only if I thought that taking money from one person, without their agreement, and giving it to another was OK.

4. Not everyone subscribes to the “if it’s legal, it’s OK” theory of social behavior. I wouldn’t want to do business with that kind of person.

[patientrenter]

[quote=peterb]I cant believe this is even a discussion topic. It’s business, get over it. Be glad it’s non-recourse.[/quote]

Just when it’s dying down, someone raises the red flag!

There are several reasons why it’s a discussion topic.

1. Lenders didn’t choose to make these loans non-recourse. California lawmakers made that choice. That makes us all (indirectly) responsible for the loan forgiveness.

2. Most of the losses caused by a failure to repay loans against homes are borne by taxpayers. Most of the rest will be borne by net savers as low interest rates now and future inflation depress their net worth. A considerable amount will also be borne by pensioners and others whose income relies on investments that pay good interest, and are repaid in full.

3. “Be glad”. I’d be glad only if I thought that taking money from one person, without their agreement, and giving it to another was OK.

4. Not everyone subscribes to the “if it’s legal, it’s OK” theory of social behavior. I wouldn’t want to do business with that kind of person.

[patientrenter]

[quote=peterb]I cant believe this is even a discussion topic. It’s business, get over it. Be glad it’s non-recourse.[/quote]

Just when it’s dying down, someone raises the red flag!

There are several reasons why it’s a discussion topic.

1. Lenders didn’t choose to make these loans non-recourse. California lawmakers made that choice. That makes us all (indirectly) responsible for the loan forgiveness.

2. Most of the losses caused by a failure to repay loans against homes are borne by taxpayers. Most of the rest will be borne by net savers as low interest rates now and future inflation depress their net worth. A considerable amount will also be borne by pensioners and others whose income relies on investments that pay good interest, and are repaid in full.

3. “Be glad”. I’d be glad only if I thought that taking money from one person, without their agreement, and giving it to another was OK.

4. Not everyone subscribes to the “if it’s legal, it’s OK” theory of social behavior. I wouldn’t want to do business with that kind of person.

[patientrenter]

[quote=Allan from Fallbrook]

Plus, I’d rather have beers with you and TG and CA_renter than those clowns any day. You’re a lot more interesting to talk to.[/quote]

Cheers, Allan! You and others have a lot more interesting things to contribute than I do.

I get overly grumpy thinking about what’s happening, so I should put it to the back of my mind. But I will relish the opportunity down the road to pin some of these people who are indirectly but very materially taking advantage of me now. I sure won’t be looking kindly on people who short-saled or f’closed or got loan mods. The money that disappeared in that transaction pretty much came directly out of my pocket. I s’pose that’s why Kelly on Voice of San Diego can’t get people to talk about their loan mods etc. Everyone says “I deserve it, and there’s nothing wrong with what I am doing”, but they also know if the breaks they are getting are too well known, people will be mad. Both points of view can’t be right….

[patientrenter]

[quote=Allan from Fallbrook]

Plus, I’d rather have beers with you and TG and CA_renter than those clowns any day. You’re a lot more interesting to talk to.[/quote]

Cheers, Allan! You and others have a lot more interesting things to contribute than I do.

I get overly grumpy thinking about what’s happening, so I should put it to the back of my mind. But I will relish the opportunity down the road to pin some of these people who are indirectly but very materially taking advantage of me now. I sure won’t be looking kindly on people who short-saled or f’closed or got loan mods. The money that disappeared in that transaction pretty much came directly out of my pocket. I s’pose that’s why Kelly on Voice of San Diego can’t get people to talk about their loan mods etc. Everyone says “I deserve it, and there’s nothing wrong with what I am doing”, but they also know if the breaks they are getting are too well known, people will be mad. Both points of view can’t be right….

[patientrenter]

[quote=Allan from Fallbrook]

Plus, I’d rather have beers with you and TG and CA_renter than those clowns any day. You’re a lot more interesting to talk to.[/quote]

Cheers, Allan! You and others have a lot more interesting things to contribute than I do.

I get overly grumpy thinking about what’s happening, so I should put it to the back of my mind. But I will relish the opportunity down the road to pin some of these people who are indirectly but very materially taking advantage of me now. I sure won’t be looking kindly on people who short-saled or f’closed or got loan mods. The money that disappeared in that transaction pretty much came directly out of my pocket. I s’pose that’s why Kelly on Voice of San Diego can’t get people to talk about their loan mods etc. Everyone says “I deserve it, and there’s nothing wrong with what I am doing”, but they also know if the breaks they are getting are too well known, people will be mad. Both points of view can’t be right….

[patientrenter]

[quote=Allan from Fallbrook]

Plus, I’d rather have beers with you and TG and CA_renter than those clowns any day. You’re a lot more interesting to talk to.[/quote]

Cheers, Allan! You and others have a lot more interesting things to contribute than I do.

I get overly grumpy thinking about what’s happening, so I should put it to the back of my mind. But I will relish the opportunity down the road to pin some of these people who are indirectly but very materially taking advantage of me now. I sure won’t be looking kindly on people who short-saled or f’closed or got loan mods. The money that disappeared in that transaction pretty much came directly out of my pocket. I s’pose that’s why Kelly on Voice of San Diego can’t get people to talk about their loan mods etc. Everyone says “I deserve it, and there’s nothing wrong with what I am doing”, but they also know if the breaks they are getting are too well known, people will be mad. Both points of view can’t be right….

[patientrenter]

[quote=Allan from Fallbrook]

Plus, I’d rather have beers with you and TG and CA_renter than those clowns any day. You’re a lot more interesting to talk to.[/quote]

Cheers, Allan! You and others have a lot more interesting things to contribute than I do.

I get overly grumpy thinking about what’s happening, so I should put it to the back of my mind. But I will relish the opportunity down the road to pin some of these people who are indirectly but very materially taking advantage of me now. I sure won’t be looking kindly on people who short-saled or f’closed or got loan mods. The money that disappeared in that transaction pretty much came directly out of my pocket. I s’pose that’s why Kelly on Voice of San Diego can’t get people to talk about their loan mods etc. Everyone says “I deserve it, and there’s nothing wrong with what I am doing”, but they also know if the breaks they are getting are too well known, people will be mad. Both points of view can’t be right….

[patientrenter]

We will have to agree to disagree, analyst. If I borrow $500,000 from you, then I owe you $500,000. The fact that I choose to use that $500,000 to pay far too much for a shack, or throw it down a well, or plough it into my business, or whatever… is irrelevant in my eyes.

Any arguments designed to deflect blame from me for failing to repay that debt to you just ring hollow to me. “I don’t need to repay you because Johnny stole my ice cream”. My reaction? So what. get over it and repay. Think more carefully next time you use other people’s money.

[patientrenter]

We will have to agree to disagree, analyst. If I borrow $500,000 from you, then I owe you $500,000. The fact that I choose to use that $500,000 to pay far too much for a shack, or throw it down a well, or plough it into my business, or whatever… is irrelevant in my eyes.

Any arguments designed to deflect blame from me for failing to repay that debt to you just ring hollow to me. “I don’t need to repay you because Johnny stole my ice cream”. My reaction? So what. get over it and repay. Think more carefully next time you use other people’s money.

[patientrenter]

We will have to agree to disagree, analyst. If I borrow $500,000 from you, then I owe you $500,000. The fact that I choose to use that $500,000 to pay far too much for a shack, or throw it down a well, or plough it into my business, or whatever… is irrelevant in my eyes.

Any arguments designed to deflect blame from me for failing to repay that debt to you just ring hollow to me. “I don’t need to repay you because Johnny stole my ice cream”. My reaction? So what. get over it and repay. Think more carefully next time you use other people’s money.

[patientrenter]

We will have to agree to disagree, analyst. If I borrow $500,000 from you, then I owe you $500,000. The fact that I choose to use that $500,000 to pay far too much for a shack, or throw it down a well, or plough it into my business, or whatever… is irrelevant in my eyes.

Any arguments designed to deflect blame from me for failing to repay that debt to you just ring hollow to me. “I don’t need to repay you because Johnny stole my ice cream”. My reaction? So what. get over it and repay. Think more carefully next time you use other people’s money.

[patientrenter]

We will have to agree to disagree, analyst. If I borrow $500,000 from you, then I owe you $500,000. The fact that I choose to use that $500,000 to pay far too much for a shack, or throw it down a well, or plough it into my business, or whatever… is irrelevant in my eyes.

Any arguments designed to deflect blame from me for failing to repay that debt to you just ring hollow to me. “I don’t need to repay you because Johnny stole my ice cream”. My reaction? So what. get over it and repay. Think more carefully next time you use other people’s money.

[patientrenter]

“There are no innocent[s] here.”

That I can agree with.

[Author]

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