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Character Sold At Deep Discount(Lib academic says "dump mortgage, feel great about it!")
Boston Herald ^ | December 1, 2009 | Michael Graham

Posted on 12/01/2009 2:30:42 AM PST by suspects

After reading Sunday’s Herald, I’m thinking seriously about becoming a deadbeat. And you know what? I feel great about it!

That’s because I read in Sunday’s Herald how people who owe more on their homes than they are worth should just stop making their payments. Better still, we shouldn’t feel any guilt about it, or any sense that we’re “doing something morally wrong” either.

That’s according to liberal academic Brent White of the University of Arizona. (How liberal? He’s argued that patriotic activities like the Pledge of Allegiance don’t belong in public schools.)

In a new academic paper White says there are millions of upside-down homeowners who “should be walking away in droves.” They “have no reasonable prospect of recouping” what they owe on the house, and they’re only keeping their mortgage obligations because of an “emotional” sense of personal responsibility.

This is economically irrational, insists White, who advocates a “strategic” default on your mortgage. You should buy stuff on credit. Then tell your bank the bad news. This, White says, will let American borrowers abandon their mortgage obligations “with minimal disruptions to their lifestyles.”

And isn’t maintaining “our lifestyles” the top priority?

White isn’t alone. Bruce Marks, a Bay State housing activist and self-described “bank terrorist,” has complained that homeowners “can’t see past their sense of responsibility” when it comes to paying their bills. Marks believes that people who “need” houses have the right to move into an empty, bank-owned home and claim it as their own. Gotta maintain that lifestyle, right?

And now that you mention it, guys...

(Excerpt) Read more at bostonherald.com ...


TOPICS: Business/Economy; Culture/Society; Miscellaneous; News/Current Events
KEYWORDS: bailout; liberal; mortgage; responsibility

1 posted on 12/01/2009 2:30:43 AM PST by suspects
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To: suspects

If adults cannot be held to account for contracts they willingly enter into, then we have little basis for a civilization.


2 posted on 12/01/2009 2:33:13 AM PST by spodefly (This is my tag line. There are many like it, but this one is mine.)
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To: suspects

I wonder if those well-paid academics would be willing to loan me a little money...I’ll gladly repay them on Tuesday.


3 posted on 12/01/2009 2:36:42 AM PST by HogsBreath
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To: suspects

Well said, Michael.


4 posted on 12/01/2009 2:41:15 AM PST by Edgar3 (America is suffering from "Sorosis" of the Presidency)
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To: spodefly
If adults cannot be held to account for contracts they willingly enter into, then we have little basis for a civilization.

Agreed... And worse, these people are ignoring the fact that mortgages are ways that investors in banks and other institutions are able to make money... When more and more people default, those investors lost their money, and those who underwrite new mortgages, loans, and lines of credit will be less likely to do so again. So when there's a "credit squeeze" that won't allow a company to be able to buy products in advance of their payment and have to close down, letting the employees go, these are the people to blame.

Actions have repercussions. And what they're doing is undermining the entire concept of personal property rights, which is, of course the basis of liberty. It's the road to communism, and becoming not only a ward of, but a slave to, the State.

Mark

5 posted on 12/01/2009 2:42:41 AM PST by MarkL (Do I really look like a guy with a plan?)
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To: spodefly
"If adults cannot be held to account for contracts they willingly enter into, then we have little basis for a civilization."

Yep, best to "obtain" lots of arms and ammunition. I say obtain because buy is such an obsolete term...s/

6 posted on 12/01/2009 2:47:52 AM PST by Truth29
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To: suspects
OK. If we're going to play that game, how about when someone doesn't get their grant funded they just start spending the money off of the grant of some other faculty member? If you don't have a car, and Professor White isn't using his because he's hanging out at his office at the university, why not just use his car?

What planet are these people from?

7 posted on 12/01/2009 3:01:17 AM PST by pieceofthepuzzle
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To: suspects
These liberal academics are dangerous in one way or another.

They are like fools tossing lit sticks of dynamite for thrills with no care of the destruction they cause around themselves. Just freakin dangerous.

I just met with my Priest at the Church to organize the baptism of my baby daughter and there was a lot of activity going on so I mentioned it and he told me he was organizing the security for tonight because they are having a music program celebrating the Luftwaffe.

I told him I know about that but why the security - and he told me directly that because of an opinion piece written in a Leftist newspaper, which was so venomous with accusations of the church letting these “murderers” in (which it is really nothing like that), that he was organizing security for tonight just to be safe.

And you know this is what the Left does. They create all kinds of destruction and then sit back and laugh about it.

8 posted on 12/01/2009 3:01:24 AM PST by Berlin_Freeper (Troll babysitter for hire. Will work for Christmas cookies.)
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To: suspects

Well, look at it this way. If enough debtors dump their mortgages, maybe the bankers won’t be able to afford to follow through on their plans of shooting the debtors. ;-)

Goldman Sachs Arms Itself
http://www.freerepublic.com/focus/f-news/2397463/posts


9 posted on 12/01/2009 3:04:14 AM PST by familyop
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To: familyop

If Goldman is so on the level why are they arming themselves...guilty consciences?


10 posted on 12/01/2009 3:17:49 AM PST by ninonitti
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To: familyop

If Goldman is so on the level why are they arming themselves...guilty consciences?


11 posted on 12/01/2009 3:17:52 AM PST by ninonitti
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To: suspects

Yeah and I am not going to Pay my taxes anymore because I dont want to support Dead Beats Like The Obamas and Clintons and Carters and all their Moron supporters,its against My Moral Beliefs


12 posted on 12/01/2009 3:19:31 AM PST by ballplayer
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To: ballplayer

If we don’t buy much, there won’t be much in revenues for the government. That’s the legal way to starve the beast, and I’m in favor of it.


13 posted on 12/01/2009 3:22:48 AM PST by familyop (cbt. engr. (cbt), NG, '89-' 96, Duncan Hunter or no-vote)
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To: suspects
“In a new academic paper White says there are millions of upside-down homeowners who “should be walking away in droves.” They “have no reasonable prospect of recouping” what they owe on the house, and they’re only keeping their mortgage obligations because of an “emotional” sense of personal responsibility.”

I suppose these same people would also agree to having banks adding an excess appreciation clause to seize the homes of homeowners that have made too much on their homes or share in the profits from the sale. (;-)

14 posted on 12/01/2009 3:32:56 AM PST by 1776 Reborn
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To: pieceofthepuzzle

If a student can’t afford or just chooses not to pay tuition well then they shouldn’t. These same students should then attend the classes and lectures anyway. It’s only fair.


15 posted on 12/01/2009 4:09:30 AM PST by saneright
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To: spodefly

I don’t think that the owners who walk away are breaking their contracts. They are just exercising their legal right to give the darn fool who lent them 100% LTV with no income verification the securing asset to which they are entitled.

I blame the lenders far more than the borrowers. Both were irresponsible, but one side is supposedly comprised of the wizards of smart.


16 posted on 12/01/2009 4:24:42 AM PST by mike-zed
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To: saneright

If a student can’t afford or just chooses not to pay tuition well then they shouldn’t. These same students should then attend the classes and lectures anyway. It’s only fair.


Sure, you can do that. Just don’t expect a grade, a transcript, or (most importantly) a degree. Y’know, the little thing that employers tend to care about. But, hey, maybe you can fabricate that too?


17 posted on 12/01/2009 4:27:36 AM PST by rbg81 (DRAIN THE SWAMP!!)
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To: suspects

I wrote about this insanity on my blog the other day:

http://www.istherealawyerinthechurch.com/?p=146


18 posted on 12/01/2009 5:02:06 AM PST by LikeLight (www.IsThereALawyerInTheChurch.com)
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To: spodefly
Liberals don't believe in fixed rules of integrity. Winning is the goal; the illegal means is of no consequence. (ACORN, race preferences, mortgage loans to poor people who can not pay, etc.)

The breakdown of law and order is called corruption to people who believe in the rule of law and it is call progress to Marxists.

19 posted on 12/01/2009 5:20:38 AM PST by SaraJohnson
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To: suspects

Never listen to a lib academic. Walking away from a mortgage does not absolve you of paying. They can just garnish your wages now.


20 posted on 12/01/2009 5:23:09 AM PST by AppyPappy (If you aren't part of the solution, there is good money to be made prolonging the problem.)
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To: saneright
“If a student can’t afford or just chooses not to pay tuition well then they shouldn’t. These same students should then attend the classes and lectures anyway.”

Great point. Actually, anyone should be able to go to the lectures with a digital video recorder and post the entire lecture online so that everyone can attend for free. If faculty members write books the students should be able to reproduce copies and distribute them for free so that everyone has access.

21 posted on 12/01/2009 7:31:28 AM PST by pieceofthepuzzle
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To: suspects

Does he advocate not paying taxes to a corrupt, tyrannical government? Call me when he does.


22 posted on 12/01/2009 9:30:54 AM PST by NTHockey (Rules of engagement #1: Take no prisoners)
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To: rbg81

My point is they can still go to class and learn the lesson at hand(If they learn something useful that’s even better).

I also assumed that someone reading my post would understand I was being somewhat sarcastic.


23 posted on 12/01/2009 11:54:29 AM PST by saneright
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