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Here's a winning strategy...........

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  • #1

    Here's a winning strategy...........

    http://www.nytimes.com/2010/06/01/bu...me&ref=general

    Don't pay your mortgage but continue to go out on your gas guzzling boat? That's OK (notice how happy the pics are by those screwing the banks and the rest of us). The banks made us do it.

    I guess nothing should surprise us these days.
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  • #2
    I read this article last night and found it very interesting. I've stated my position before (I think) on the housing bubble and foreclosures and I think it's in their right to stop paying. It does seem a bit unethical to milk the process just because it is so backed up, but what people fail to understand is that their credit is going to take a big hit at some point in the future. Messed up credit just increases the cost of everyday life. So hopefully these people that are "milking" the system have factored into their decisions the increased costs they will bear even after the foreclosure process is completed.
    "Discipleship is not a spectator sport. We cannot expect to experience the blessing of faith by standing inactive on the sidelines any more than we can experience the benefits of health by sitting on a sofa watching sporting events on television and giving advice to the athletes. And yet for some, “spectator discipleship” is a preferred if not primary way of worshipping." -Pres. Uchtdorf

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    • #3
      My son when he was about sixteen got caught with another friend lifting a couple of CD's out of K-mart. I was shocked. Both kids attended church regularly and were really pretty good kids as far as staying out of trouble.

      I asked my kid what the heck was he thinking. He said Kmart was a big corporation and corporation's are always screwing people so it isn't like he was doing anything wrong by screwing them.

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      • #4
        Originally posted by byu71 View Post
        My son when he was about sixteen got caught with another friend lifting a couple of CD's out of K-mart. I was shocked. Both kids attended church regularly and were really pretty good kids as far as staying out of trouble.

        I asked my kid what the heck was he thinking. He said Kmart was a big corporation and corporation's are always screwing people so it isn't like he was doing anything wrong by screwing them.
        Difference is that he was 16. These are grown adults that simply bet that their homes could act as their personal ATM's and they got caught. This type of nonsense costs all of us. The corporations simply pass on their costs to their honest, ethical customers.

        I would laugh if someone came in and offered to buy their homes from the bank and kick these losers out. I don't have a lot of sympathy for deadbeats who play the system.

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        • #5
          Originally posted by byu71 View Post
          My son when he was about sixteen got caught with another friend lifting a couple of CD's out of K-mart. I was shocked. Both kids attended church regularly and were really pretty good kids as far as staying out of trouble.

          I asked my kid what the heck was he thinking. He said Kmart was a big corporation and corporation's are always screwing people so it isn't like he was doing anything wrong by screwing them.
          It's interesting that at some point banks went from being "a friend" and "service provider" of the American people to being despicably evil and full of cunning and evil ways. The switch probably happened at the point that people realized they bit off more than they could chew with their mortgage.

          The anger of Americans is like the waves of the see, driven with the wind and tossed.
          "Discipleship is not a spectator sport. We cannot expect to experience the blessing of faith by standing inactive on the sidelines any more than we can experience the benefits of health by sitting on a sofa watching sporting events on television and giving advice to the athletes. And yet for some, “spectator discipleship” is a preferred if not primary way of worshipping." -Pres. Uchtdorf

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          • #6
            Originally posted by Eddie Jones View Post
            It's interesting that at some point banks went from being "a friend" and "service provider" of the American people to being despicably evil and full of cunning and evil ways. The switch probably happened at the point that people realized they bit off more than they could chew with their mortgage.

            The anger of Americans is like the waves of the see, driven with the wind and tossed.
            The mortgage crisis just how stupid many people were and now they want to blame others for their dumb mistakes. Why would you ever buy a house you couldn't afford? I guess it depends on whether you buy a house to be your home or your ATM.

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            • #7
              Originally posted by Eddie Jones View Post
              It's interesting that at some point banks went from being "a friend" and "service provider" of the American people to being despicably evil and full of cunning and evil ways. The switch probably happened at the point that people realized they bit off more than they could chew with their mortgage.

              The anger of Americans is like the waves of the see, driven with the wind and tossed.
              I think a good part of it occurred when they got hooked up with Wall St. Everyone knows the folks on Wall St. are crooks.

              When I first got in the business at the Bank you worked with the "Trust" officer and at a brokerage firm you dealt with the "BROKEr". Glass-Steagall (sp) was passed and people still trusted the banks, which they never should have in the first place, but to make things even worse they hooked up with the greedy manipulaters on Wall St. and created shit to be that even the "shit for brains" bank executives couldn't understand.

              Even so, I don't think that is an excuse to not honor committments. It isn't an excuse to steal. The more we devolve into the "I am owed" society, the closer we are to going bankrupt.

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              • #8
                Originally posted by Hallelujah View Post
                The mortgage crisis just how stupid many people were and now they want to blame others for their dumb mistakes. Why would you ever buy a house you couldn't afford? I guess it depends on whether you buy a house to be your home or your ATM.
                Why would a bank ever make a loan to someone they knew couldn't pay them back? They never would....well...unless there was a quasi federal government guarantee. It's well documented that the housing bubble was caused by all out greed on the part of the government, banks, and consumers. No one from those 3 parties is exempt from blame.

                That being said, I have no issues with someone not paying on their mortgage. They will default and their credit will get hit. Defaulting will cost them a lot more over the next couple years than they think. And if the bank didn't want to lose money, they never should have loaned an amount up to the value of the house. We need to get back to the days when 20% was needed as a down payment and people saved up for years to be able to get into a house.

                I'm saying this, but then I also recognized that I made off pretty well during this whole mess. I bought before the run up, sold at the height of the bubble, and bought home in an area that was not affected by the burst.
                "Discipleship is not a spectator sport. We cannot expect to experience the blessing of faith by standing inactive on the sidelines any more than we can experience the benefits of health by sitting on a sofa watching sporting events on television and giving advice to the athletes. And yet for some, “spectator discipleship” is a preferred if not primary way of worshipping." -Pres. Uchtdorf

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                • #9
                  Originally posted by Eddie Jones View Post
                  Why would a bank ever make a loan to someone they knew couldn't pay them back? They never would....well...unless there was a quasi federal government guarantee. It's well documented that the housing bubble was caused by all out greed on the part of the government, banks, and consumers. No one from those 3 parties is exempt from blame.
                  I agree but like to blame the government more than the other two given they created the moral hazard...

                  [YOUTUBE]iW5qKYfqALE[/YOUTUBE]

                  [YOUTUBE]_SdtoKeFTi0[/YOUTUBE]
                  "If there is one thing I am, it's always right." -Ted Nugent.
                  "I honestly believe saying someone is a smart lawyer is damning with faint praise. The smartest people become engineers and scientists." -SU.
                  "Yet I still see wisdom in that which Uncle Ted posts." -creek.
                  GIVE 'EM HELL, BRIGHAM!

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