No, it's not. It's the very reason we have Bankruptcy Courts in this country.
It’s like giving up entirely ...
Bull****. It's letting the system work as it's supposed to.
L
I agree with you completely. Sure, the government ( mostly Barney Fag & Co.) were pushing the banks to make imprudent loans, but they didn’t HAVE TO make bad loans. They did it because they were greedy and probably had the idea that when the sh!t hit the fan, the government could be forced to bail them out. The other bunch that was reprehensible were the real estate brokers/salesmen. They were greedy bastards too. They lapped up fat commissions on sales they knew would not fly. So you have the three legs of the default stool. Gov’t, Banks, Real Estate Brokers. Sadly though, although the banks and the real estate folks are going under, the taxpayers are going to be the ultimate losers if the government is allowed to bail out the morons who were allowed to buy something they knew they could not afford. The other shameful piece is that this whole sorry episode has collected a big chunk of the decent homebuyers who are now, thanks to the tanked market, under water on homes that they could afford, but now will not likely ever recover their loss of equity.