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Moral Obligations Of Walking Away

By Terry Kuehn

Real Estate Agent with Family Real Estate Services, Inc.

February 07, 2008 05:40 PM

Moral Obligations Of Walking Away ~ The current mind-set of tens of thousands of Americans....

Here is an incredible article for those interested in mind-expansion as it relates to moral issues vs. legal issues:

http://globaleconomicanalysis.blogspot.com/2008/02/moral-obligations-of-walking-away.html

I dare not paraphrase and of this article in fear that I may not appropriately do so. I consider this a Must Read article.

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Patti Ann Kasper

EXIT REALTY NEXUS - Blaine, MN

Blaine & North Metro Minneapolis St Paul Real Esta

That was a pretty good post, but it got a little off topic.

When it comes to walking away, businesses know there is risk involved and they should carefully consider the possibilities of a consumer walking away before they approved the loan. With the abuse that has been going on, they should have known better. I think in some ways, the mortgage industry shot itself in the foot. Greed lead to many shaky loans and now the house of cards is falling. And who's fault is it that they lent money to anyone who could fog a mirror?

Unfortunately, I think we will all end up paying for their greed in the end. Reminds me of the Savings and Loan debacle a couple of decades ago.

Feb 07, 2008 06:12 PM

Terry Kuehn

Family Real Estate Services, Inc. - Tacoma, WA

Self-Directed Roth IRA Associate

Patti, over the years, I have studied the savings and loan debacle in quite detail and have made reference to it in one post or another elsewhere. It is remarkable, that, "What goes around comes around." What I have also found interesting to study was the junk bond era.

Feb 07, 2008 06:36 PM

Anonymous

Lance Winslow

Terry, this is indeed a huge issue. I read another post here tonight where a couple was going to pay their credit card minimum payment rather than their mortgage because they figured it would be 9-months until the foreclosure kicked them out, this way they could continue their life style and use the credit card to secure first and last for a rental? Unbelievable stuff going on out there, but its happening. Lance

Feb 07, 2008 08:11 PM