Strategic Defaults

[kalm]

Apprently, ethics only apply to individuals.



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[Ursus A. Horribilis]

That's fantastic.

[AZGrizFan]

I give up.

Seriously.

Turn 'em all in and start over.

[kalm]

I give up.

Seriously.

Turn 'em all in and start over.

The rules and ethics are for schmucks. Given your line of work and prior positions on the issue, I honestly feel for ya Z.

[houndawg]

Apprently, ethics only apply to individuals.



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Please, Mr. 8-figure-bonus-for-colossal-incompetence, tell me again about my sacred duty to pay my debts.

[AZGrizFan]

I give up.

Seriously.

Turn 'em all in and start over.

The rules and ethics are for schmucks. Given your line of work and prior positions on the issue, I honestly feel for ya Z.

Fuck 'em. What's good for the goose is good for the gander.

[SuperHornet]

CBS-13 had an expose of a prominent former Sac King who's going into foreclosure on the advice of his attorney simply because his Rocklin home lost half its value.

I can see both sides of the argument. But it DOES seem hypocritical for banks to hold individual homeowners responsible for failing to make payments and then plead the economy for doing so themselves.

[kalm]

CBS-13 had an expose of a prominent former Sac King who's going into foreclosure on the advice of his attorney simply because his Rocklin home lost half its value.

I can see both sides of the argument. But it DOES seem hypocritical for banks to hold individual homeowners responsible for failing to make payments and then plead the economy for doing so themselves.

Exactly. Only in their world, it's known as a shrewd business decision.

[native]

Obviously, when the revolution comes, we'll have to hang* more than just the lawyers.

*SATIRE, kalm, adapted from Shakespeare's Richard VI

[AZGrizFan]

Just know this, people:

When the inevitable happens and this snowball starts really picking up steam, there's not enough money in this country to save the banking system from complete collapse.

Perhaps they should begin putting some thought into THAT eventuality.

[native]

Just know this, people:

When the inevitable happens and this snowball starts really picking up steam, there's not enough money in this country to save the banking system from complete collapse.

Perhaps they should begin putting some thought into THAT eventuality.

[kalm]

Just know this, people:

When the inevitable happens and this snowball starts really picking up steam, there's not enough money in this country to save the banking system from complete collapse.

Perhaps they should begin putting some thought into THAT eventuality.

That's assuming that our dear leaders actually know what the fuck they're doing. The bankers do - it's win at all costs and die as rich as you can (present company excluded). And the politicans listen to the bankers and go

It's like reaching middle age, losing your elderly parents, and realizing you're at last truly on your own.

The answer: Arm yourself, dig a shelter, or gain admittance into Cid1990's compound.

[native]

Just know this, people:

When the inevitable happens and this snowball starts really picking up steam, there's not enough money in this country to save the banking system from complete collapse.

Perhaps they should begin putting some thought into THAT eventuality.

That's assuming that our dear leaders actually know what the **** they're doing. The bankers do - it's win at all costs and die as rich as you can (present company excluded). And the politicans listen to the bankers and go

It's like reaching middle age, losing your elderly parents, and realizing you're at last truly on your own.

The answer: Arm yourself, dig a shelter, or gain admittance into Cid1990's compound.

Perhaps as much "troof" as satire in that post, kalm.

[AZGrizFan]

Just know this, people:

When the inevitable happens and this snowball starts really picking up steam, there's not enough money in this country to save the banking system from complete collapse.

Perhaps they should begin putting some thought into THAT eventuality.

That's assuming that our dear leaders actually know what the fuck they're doing. The bankers do - it's win at all costs and die as rich as you can (present company excluded). And the politicans listen to the bankers and go

It's like reaching middle age, losing your elderly parents, and realizing you're at last truly on your own.

The answer: Arm yourself, dig a shelter, or gain admittance into Cid1990's compound.

They may not know "what they're doing" but they've been pretty good at self preservation, and a collapse of the banking system would very likely end in an armed conflict. THAT wouldn't be good for their "preservation".

[bobbythekidd]

Hey AZ. If things are so close to the tipping point why are banks foreclosing at such a fast pace? Wouldn't it be more prudent to do "strategic foreclosures"?

[blueballs]

As far as "strategic defaults" is concerned, please note that the value of a home is a complete non issue unless you are trying to sell it or borrow against it.

Perhaps if the IRS enforced 1099's issued by the mortgagees/servicing entities and taxed the "strategic defaulters" for phantom income from the default the defaulters and the attorneys who advise these folks to break a lawful binding contract would think twice before engaging in this sleazy act.

[native]

As far as "strategic defaults" is concerned, please note that the value of a home is a complete non issue unless you are trying to sell it or borrow against it.

Perhaps if the IRS enforced 1099's issued by the mortgagees/servicing entities and taxed the "strategic defaulters" for phantom income from the default the defaulters and the attorneys who advise these folks to break a lawful binding contract would think twice before engaging in this sleazy act.

[AZGrizFan]

Hey AZ. If things are so close to the tipping point why are banks foreclosing at such a fast pace? Wouldn't it be more prudent to do "strategic foreclosures"?

There's these peskly little folks called "regulators". They look at things in a vacuum.

[bobbythekidd]

Are you planning on walking out on your mortgage when you take a new gig?

[AZGrizFan]

Are you planning on walking out on your mortgage when you take a new gig?

Only if I don't get a new gig. Whereever I go, my family is staying here.

[Wedgebuster]

Are you planning on walking out on your mortgage when you take a new gig?

Only if I don't get a new gig. Whereever I go, my family is staying here.

PM me

[SDHornet]

As far as "strategic defaults" is concerned, please note that the value of a home is a complete non issue unless you are trying to sell it or borrow against it.

Or until you realize you are over paying for something that you can find in the exact same condition on the same block for a considerably less monthly payment…

[SDHornet]

Are you planning on walking out on your mortgage when you take a new gig?

Only if I don't get a new gig. Whereever I go, my family is staying here.

I'm sorry to hear that.

[AZGrizFan]

Are you planning on walking out on your mortgage when you take a new gig?

Only if I don't get a new gig. Whereever I go, my family is staying here.

Actually what will happen is the home sale would cover the 1st mortgage, and the 2nd is at a former employer (CU). They would move the mortgage to any NEW home purchased, and put the lien on that property.

Being an executive in this industry, I don't have the luxury of walking away from a mortgage, even when the house is underwater. Not if I ever want to be employed in this industry again.

[Cap'n Cat]

Highlights a particular habit of Conks - bitch about loopholes, but take advantage of them when they suit your Conk interests.