Several people made comments under other posts that merit their own topic.Here they are with a few comments.
Anonymous said...
I now understand why people who paid $500K+ for their homes which are well on their way down to a value of $250K or less are just plan walk away from their debt. These people know that it may take their entire life to break even, and since making money is the name of the game their situation is a zero sum game. They are had goose.
March 28, 2008 7:21 AM
Anonymous said...
Just because one's home value goes down is no reason to walk away from it. There should be severe penalties for doing so. The selfish actions of a few are making it hard on the rest of us (e.g., 401k goes down, housing prices are depressed further, etc.), spiraling the economy towards a possible depression.
March 28, 2008 10:05 AM
Anonymous said...
March 28, 2008 10:05 AM
It's just as March 28, 2008 7:21 AM said.
No body in their right mind is going to stay when they know they'll possibly never in their lifetime get what they paid for the house. It's a bad investment and houses now days are not homes nor do the people who own them care about developing a community. They are there for the profit and then to move onto a bigger and better _house_. These people are just short time acquaintances that come and go faster than some of us change our underwear. This is one of the reasons I don't bother to get to know my neighbor or tell them much about me if anything but I make it a point to find out all I can about them. There's just no one who's going to be around for a while, like 20-30 years or maybe for their entire life in the same home, as it use to be. Long term environments are gone and can only be found in small towns where peoples values are entirely different.
Anyway just to let you know a game a family from India is playing with the bank.
As you well know they normally live with at least three to four families under one roof where the garage becomes the dining room and each floor of the house is an apartment, where each family pays 1/4 the mortgage. This particular family bought a _house_at ~$650 - $750K. The house in now on the market and only valued at $500K or less. The families could see they were never going to regain their $750K plus so they walk away.
They then got one of the other relatives that lived in that home to buy a bigger foreclosure two block away and they all moved into it.
They let the bank eat the $250K +, got a bigger and better home for less than $500K. Do they care if their credit is hurt.
Nope, because they have no intention of buying another house and the house they lived in now is in someone else name, and they aren't legally obligated to pay the mortgage.
So there you go. It thinking like this from foreign nations that'll bring down America. Welcome to immigration control and the politically correct compassionate an understanding way of thinking.
I hope you feel sorry for these folks. They are, after all destitute foriegn nationals who probably aren't US citizen and still will get social security that you paid for in the end.
March 28, 2008 2:24 PM
Anonymous said...
March 28, 2008 2:24 PM
You got to give those foreign national credit for creative thinking, but when it comes to honor and self respect they get a mark of -100 on my scale. They have neither . But then in todays world neither of these virtues counts, they've been lost in just two generations of unworthy children and moronic parents who taught their children nothing of value except that money grows on tree, easy come easy go and there's no dishonor in being in debt up to your ears and not paying your bills on time. When times are hard just file bankruptcy and let the next generation pay for your greed and non disciplinary way of life.
March 28, 2008 5:47 PM
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