daioyayubi_IHB
New member
[quote author="Soylent Green Is People" date=1258613372]It's too hard to put a blanket reason over every ones "walk away" circumstance. I'd guess most on this board are sympathetic to anyone who has a legitimate reason for getting out of their debt - job loss, death of family member - and other natural causes of hardship. It's the entitlement mentality that frosts me to no end.
"It's not my fault I signed a 100 page document explaining what happens if I over leverage a property I couldn't afford anyway. It's <strong>YOUR </strong> fault for being so responsible with your income that forces, no, <em>compels</em> me to keep up with you. <strong>YOU</strong> made me buy that Hummer. <strong>YOU</strong> made me reach ever higher until the crushing weight of responsibility pushed me over the edge.
Bleh...
I forgot to add another part of the conversation. This person went down the usual path as their options narrowed: "What if my parents buy the house and I make the payments?". OK. It's legitimate. I ask where they live: Chino... What they do: they're retired.. Where the funds would come from (this is where the gold conversation started).... eventually the conversation terminated as it should have of a half hour ago. I know this sounds somewhat made up. I wish I had recorded it.
Using your 70 year old parents to re-inflate your faux lifestyle adds even more sting to the story.
My .02c
Soylent Green Is People.</blockquote>
The fault shirking is an epidemic that the country may never be able to cure from. However I still want to believe in the responsible of America and have hope for the future. My problem is I have too much sense to not have participated in the house buying craziness (despite everyone around me telling me I was throwing away my money renting), and to continue to wait the unwinding out but with the government creating a false floor to prices my patience is being tried. I think some on the board may have a problem with people walking away from their underwater homes and may even think that it is immoral. However after reading from a variety of financial and real estate bubble blogs, I've decided that despite the risk of ending up with thousands of people that are like the person SGIP described (walked away and now don't think they should be punished for it) I think walking way en-mass should be encouraged. Even with record defaults there are still too many people that are paying money to the banks on underwater assets and this cash flow along with the ability to borrow money at zero % has allowed the banks to continue to "kick the can." The only way things are actually going to get back to fundamentals is if the banks hand is forced. Since we can't get the FED to raise interests rates the only thing left is to cut off the banks cash flow. This could be accomplished if more and more people walk from their homes and then the banks would be forced to foreclose, offer a short sale etc which they are doing now but there doesn't seem to be any urgency.
"It's not my fault I signed a 100 page document explaining what happens if I over leverage a property I couldn't afford anyway. It's <strong>YOUR </strong> fault for being so responsible with your income that forces, no, <em>compels</em> me to keep up with you. <strong>YOU</strong> made me buy that Hummer. <strong>YOU</strong> made me reach ever higher until the crushing weight of responsibility pushed me over the edge.
Bleh...
I forgot to add another part of the conversation. This person went down the usual path as their options narrowed: "What if my parents buy the house and I make the payments?". OK. It's legitimate. I ask where they live: Chino... What they do: they're retired.. Where the funds would come from (this is where the gold conversation started).... eventually the conversation terminated as it should have of a half hour ago. I know this sounds somewhat made up. I wish I had recorded it.
Using your 70 year old parents to re-inflate your faux lifestyle adds even more sting to the story.
My .02c
Soylent Green Is People.</blockquote>
The fault shirking is an epidemic that the country may never be able to cure from. However I still want to believe in the responsible of America and have hope for the future. My problem is I have too much sense to not have participated in the house buying craziness (despite everyone around me telling me I was throwing away my money renting), and to continue to wait the unwinding out but with the government creating a false floor to prices my patience is being tried. I think some on the board may have a problem with people walking away from their underwater homes and may even think that it is immoral. However after reading from a variety of financial and real estate bubble blogs, I've decided that despite the risk of ending up with thousands of people that are like the person SGIP described (walked away and now don't think they should be punished for it) I think walking way en-mass should be encouraged. Even with record defaults there are still too many people that are paying money to the banks on underwater assets and this cash flow along with the ability to borrow money at zero % has allowed the banks to continue to "kick the can." The only way things are actually going to get back to fundamentals is if the banks hand is forced. Since we can't get the FED to raise interests rates the only thing left is to cut off the banks cash flow. This could be accomplished if more and more people walk from their homes and then the banks would be forced to foreclose, offer a short sale etc which they are doing now but there doesn't seem to be any urgency.
