Had to post this today as I ran across a good post on the Short Sales Superstars site that updates a theme of mine that points out how HYPOCRITICAL our leading financial institutions are or can be.
My specific topic - that I've done previous posts on ActiveRain about - is that banks constantly point out the "moral hazard issue" or the fact that homeowners would be immoral if they decided that it would be best for their personal and financial interests if they walked away from mortgages and properties that were deemed to be too far upside down. And then we find numerous instances where they do the exact opposite - they walk away or give back properties in their best financial interests that they deem too far upside down! And morality doesn't seem to be an issue here. Only that banks are acting in their shareholders' best interests.
Well, I say what is good for the goose is good for the gander. And...THERE'S NOTHING IMMORAL ABOUT HOMEOWNERS DOING WHAT IS IN THE BEST PERSONAL AND FINANCIAL INTERESTS OF THEM AND THEIR FAMILIES! NOTHING AT ALL!
Lastly, here's the post (written by a short sale agent - Jennifer Escobar of Glendale California) that led to this little "what's the moral of the story" blast! Have a good Sunday! ;-)