This Brent White is a prime example of what is wrong with our society, and why despite all the best efforts of Conservatives and moral people, America very well may be doomed. There is a difference between not being able to, and not wanting to, in any circumstance. I can’t decide which is worse, telling people that even though they can pay their mortgage they have no moral obligation to follow through on their contract so walking away is an option, or people taking the advice and doing it.
Maybe the best thing for the future of our country IS for it to all come crashing down. Let the grass hoppers starve to death through the long cold winter, so the ants can rebuild America like it was meant to be.
I wonder how the author would feel if people took ordered his book and then didn’t pay for it.
You personally are not more moral or ethical in anyway than the people you are chastising. The houses in question were never worth anything close to the price the banks and assesors quoted the home buyers. This is where the term housing bubble came from. The contracts these people signed allow them to walk away. They are exercising an option the lenders agreed to.
Like a bumbling greenhorn con artist, the banks failed to get the money from the marks up front.
It’s a business decision, just like Wall Street makes every day.
Can someone provide the exact moral code violated here?
Do the Mortgage holders have a moral obligation to provide the correct paperwork and proof that they actually own the property and legally own the Mortgage? I think they do, and their moral obligation is no less serious than the borrower’s. It’s a two way street, and if they can’t prove they own the property, they should pay the price, just as the borrower will if they walk away from a legal mortgage.