“Interesting”

Tuesday 1 June 2010 - Filed under Dumbassery + Economy + Journalism

I find it “interesting” that some people can seek money they otherwise couldn’t afford to repay, buy a house they otherwise could not afford to buy, stop making their payments claiming “self preservation”, then blame the lenders all while absolving themselves of any responsibility whatsoever.  David Streitfelt via The New York Times:

A growing number of the people whose homes are in foreclosure are refusing to slink away in shame. They are fashioning a sort of homemade mortgage modification, one that brings their payments all the way down to zero. They use the money they save to get back on their feet or just get by.

This type of modification does not beg for a lender’s permission but is delivered as an ultimatum: Force me out if you can. Any moral qualms are overshadowed by a conviction that the banks created the crisis by snookering homeowners with loans that got them in over their heads.

I also find it “interesting” that the Times describes facing your financial responsibilities and paying the consequences for making poor borrowing decisions as “slinking”, yet shirking those responsibilities and passing the buck is somehow a courageous last stand.  I also find it “interesting” that those people were happy to pay $2000 a month until they found out that their homes aren’t worth the $2000 a month they happily agreed to pay for those homes.

2010-06-01  »  madlibertarianguy