As a professional in financial services - no, it is not.
Aeryn Send a noteboard - 13/10/2010 01:44:18 AM
The mortgages that banks make have risks associated with them. That's why they charge an interest rate, that they themselves set. No one forces them to give out loans. Now, if the government mandated an artificially low interest rate in return for homeowners promising not to walk away from mortgages, that's be a whole other matter. The banks aren't innocent victims. When they write the mortage, they assess the risk, and choose to accept it, along with the reward.
Also, businesses do this all the time.
Also, businesses do this all the time.
This message last edited by Aeryn on 13/10/2010 at 01:46:16 AM
Is walking away from a mortgage immoral?
- 12/10/2010 04:45:43 PM
1367 Views
Just as a contract is a two way street -
- 12/10/2010 05:12:09 PM
865 Views
Of course it's immoral.
- 12/10/2010 05:13:16 PM
839 Views
But does one sided morality work?
- 12/10/2010 05:38:56 PM
954 Views
You asked about the morality of walking away when the borrower still has the ability to pay.
- 12/10/2010 07:31:10 PM
756 Views
A company or organization cannot act morally or immorally? I strongly disagree. *NM*
- 12/10/2010 07:50:42 PM
383 Views
No, it cannot. However the individuals making the decisions for the company can. *NM*
- 12/10/2010 08:48:23 PM
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If banks can not behave in moral manner why should people be expected to behave in moral manner?
- 12/10/2010 08:07:56 PM
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I'm not absolved of my obligations based on the bad behaviors of others.
- 12/10/2010 08:25:33 PM
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Because it's their moral obligation. Morality is not a trade, you act morally because it is right
- 12/10/2010 08:47:41 PM
920 Views
That's the only kind of morality there is! What the hell is wrong with you?
- 12/10/2010 08:15:55 PM
781 Views
nothing wrong with me but I think you are off your meds again
- 12/10/2010 09:34:33 PM
773 Views
Re: nothing wrong with me but I think you are off your meds again
- 15/10/2010 02:50:49 PM
1276 Views
well I really can't argue with the wrong is wrong end of story belief system
- 15/10/2010 05:40:22 PM
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A contract isn't a promise; it's a legal agreement. *NM*
- 12/10/2010 06:25:24 PM
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Which is why contracts have to be pages and pages long and combed over by bloodsucking lawyers.
- 12/10/2010 06:39:18 PM
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I would agree with you if contracts didn't provide for breaking them.
- 12/10/2010 07:33:15 PM
672 Views
Hrm.
- 12/10/2010 07:35:38 PM
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did you take a personal oath in front of god and your loved ones to pay the loan back? *NM*
- 12/10/2010 08:09:07 PM
393 Views
Let's assume we're talking about a marriage where no such oath was taken... *NM*
- 12/10/2010 08:10:54 PM
406 Views
if there is no oath of fidelity then straying would not be immoral *NM*
- 12/10/2010 08:40:53 PM
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It's not immoral to break the marriage contract.
- 12/10/2010 08:19:50 PM
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That must be why they have you sign something called an agreementory note 
*NM*
- 12/10/2010 07:33:32 PM
404 Views
*NM*
- 12/10/2010 07:33:32 PM
404 Views
I don't think it's immoral at all. The contract usually specifies penalties for breach.
- 12/10/2010 05:28:34 PM
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You didn't mention the third party
- 12/10/2010 08:26:56 PM
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in a way I did since I did mention society
- 12/10/2010 08:54:07 PM
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What if you look at it from the other perspective?
- 12/10/2010 09:00:20 PM
846 Views
Sure, you could do that.
- 13/10/2010 01:54:55 AM
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The problem is that you're buying something today and paying for it for the next 15/30/50 years.
- 13/10/2010 03:04:26 PM
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As a professional in financial services - no, it is not.
- 13/10/2010 01:44:18 AM
796 Views
but almost nobody sees it that way
- 13/10/2010 12:53:25 PM
800 Views
Is the deal that if you default, the bank gets the house and nothing else, though?
- 13/10/2010 02:40:48 PM
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I think it's morally wrong to walk away from credit card debt. *NM*
- 13/10/2010 09:43:11 PM
378 Views
I agree, what do you think is different?
- 13/10/2010 09:59:36 PM
818 Views
The difference is that the bank owns the house. Whereas when I buy stuff, it's mine. *NM*
- 19/10/2010 07:05:34 PM
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I too am unable to work out what distinguishes the two situations.
- 13/10/2010 11:54:15 PM
754 Views
I lost sleep over it, but I did it anyway.
- 13/10/2010 05:24:19 AM
884 Views
Obviously, the essential difference is can't pay versus won't pay.
- 13/10/2010 02:16:07 PM
775 Views
are you socializing your debt when it is a private bank?
- 13/10/2010 03:14:48 PM
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You are when said bank requires a bailout. And very many of them do.
- 13/10/2010 03:22:59 PM
782 Views
I really don't understand a system where this could be an advantage.
- 13/10/2010 11:16:57 PM
802 Views
There's generally something like a 7 or 10 year limit on credit reporting here.
- 13/10/2010 11:46:58 PM
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What's the use of suing someone who has no money? *NM*
- 13/10/2010 11:48:47 PM
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You can garnish their wages.
- 13/10/2010 11:49:36 PM
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With parsley?
- 13/10/2010 11:51:37 PM
868 Views
No, "someone" most certainly did not, wicked young Miss! Hmph! *NM*
- 13/10/2010 11:52:40 PM
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If they suddenly come into some, you're entitled to it. *NM*
- 14/10/2010 12:07:34 AM
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Bit of a long shot. *NM*
- 14/10/2010 12:09:12 AM
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Very. Best to cover your bases though. *NM*
- 14/10/2010 10:04:25 PM
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Not if the doctrine of election applies.
- 14/10/2010 10:14:07 PM
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Are we not talking about credit companies going after people who owe them money?
- 14/10/2010 10:18:47 PM
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I am currently in that situation...
- 14/10/2010 05:03:23 AM
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In Washington you can contest the assessed value used to determine property taxes.
- 14/10/2010 07:27:02 AM
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it is easy for me and others to be glib when it is just a theory *NM*
- 14/10/2010 08:19:16 PM
376 Views
If you have the ability to pay, I would consider it yet another immoral act in an immoral industry.
- 14/10/2010 07:49:38 AM
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