Comments on: Have you no morals? http://www.punchdebtintheface.com/2010/02/morals.html A fun personal finance blog Fri, 10 Feb 2012 05:06:35 +0000 hourly 1 http://wordpress.org/?v=3.3 By: Monevator http://www.punchdebtintheface.com/2010/02/morals.html#comment-4006 Monevator Mon, 08 Feb 2010 10:23:48 +0000 http://www.punchdebtintheface.com/?p=938#comment-4006 It is fantastical to me from here in the UK that anywhere should allow you to walk away from a mortgage. It seems like all reward and no risk, especially in today's world where people feel shame for about 3 seconds. Here in the UK they can come back after you for something like 11 years, if you send the keys back. Perhaps that's one reason why our house prices never fell so far, despite being arguably as overvalued as the US. It is fantastical to me from here in the UK that anywhere should allow you to walk away from a mortgage. It seems like all reward and no risk, especially in today's world where people feel shame for about 3 seconds.

Here in the UK they can come back after you for something like 11 years, if you send the keys back.

Perhaps that's one reason why our house prices never fell so far, despite being arguably as overvalued as the US.

]]> By: Weekly Wisdom: Personal Finance With an Edge » The Online Investing AI Blog http://www.punchdebtintheface.com/2010/02/morals.html#comment-4002 Weekly Wisdom: Personal Finance With an Edge » The Online Investing AI Blog Sun, 07 Feb 2010 10:09:26 +0000 http://www.punchdebtintheface.com/?p=938#comment-4002 [...] Is walking away from a mortgage like selling crack? Punch Debt in the Face asks, have you no morals? [...] [...] Is walking away from a mortgage like selling crack? Punch Debt in the Face asks, have you no morals? [...]

]]> By: Weakonomics Links: Where Your Taxes Go Edition | Weakonomi¢s http://www.punchdebtintheface.com/2010/02/morals.html#comment-3990 Weakonomics Links: Where Your Taxes Go Edition | Weakonomi¢s Fri, 05 Feb 2010 15:33:38 +0000 http://www.punchdebtintheface.com/?p=938#comment-3990 [...] Punch Debt In The Face creates an interesting debate about the morals of paying off mortgages in this recession.  Plenty of people can afford to pay their mortgages (even if they are underwater on it) but choose to walk away because in the long run they would save money by foreclosing and just buying a house at current prices.  Would you walk away from a mortgage, even if could afford to pay it? [...] [...] Punch Debt In The Face creates an interesting debate about the morals of paying off mortgages in this recession.  Plenty of people can afford to pay their mortgages (even if they are underwater on it) but choose to walk away because in the long run they would save money by foreclosing and just buying a house at current prices.  Would you walk away from a mortgage, even if could afford to pay it? [...]

]]> By: tom http://www.punchdebtintheface.com/2010/02/morals.html#comment-3938 tom Wed, 03 Feb 2010 22:55:54 +0000 http://www.punchdebtintheface.com/?p=938#comment-3938 We both are cemented to our opinions, and can go back and forth all day long, but isn't this fun? I'll concede to you that lenders deserve to get f-ed in this situation as they share some of the blame, if you admit that the consumer is an equal participant. We both are cemented to our opinions, and can go back and forth all day long, but isn't this fun?

I'll concede to you that lenders deserve to get f-ed in this situation as they share some of the blame, if you admit that the consumer is an equal participant.

]]> By: Anon http://www.punchdebtintheface.com/2010/02/morals.html#comment-3945 Anon Wed, 03 Feb 2010 17:06:17 +0000 http://www.punchdebtintheface.com/?p=938#comment-3945 I absolutely take your point and I do see where you're coming from. But you have to realize that the average consumer is no match for cleverly executed advertising and promotion programs as shoved down their/our throats by these damn banks. The consumer is NOT responsible for the dispersement of other peoples' money. That job was entrusted to the banks. And look what a fine job they did. You keep saying that the consumer has a choice and indeed they do. Let my tap my finger against my temple for a few seconds and I'll tell you how the average, scraping-by consumer is going to think when offered money for nothing to buy a 'dream' home, egged on by realtors: "I'LL TAKE IT!!!!" The evidence is in the crash of the real estate market and the global economy, caused by lenders who made hundreds of thousands of loans making loans that never should have been made. End. I absolutely take your point and I do see where you're coming from.

But you have to realize that the average consumer is no match for cleverly executed advertising and promotion programs as shoved down their/our throats by these damn banks. The consumer is NOT responsible for the dispersement of other peoples' money. That job was entrusted to the banks. And look what a fine job they did.

You keep saying that the consumer has a choice and indeed they do. Let my tap my finger against my temple for a few seconds and I'll tell you how the average, scraping-by consumer is going to think when offered money for nothing to buy a 'dream' home, egged on by realtors:

"I'LL TAKE IT!!!!"

The evidence is in the crash of the real estate market and the global economy, caused by lenders who made hundreds of thousands of loans making loans that never should have been made. End.

]]>