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