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If you have the ability to pay, I would consider it yet another immoral act in an immoral industry. Joel Send a noteboard - 14/10/2010 07:49:38 AM
Someone tell me again how to reconcile the profit motive with "love of money is the root of all evil. " I'm not saying either position is correct, I'm just saying there's an obvious conflict, so trying to maintain both is nigh impossible. And, I'll not as an aside, the people RUNNING the GOP figured this out almost from Day One, so you can pretty much assume that when one of them gets up there talking about "Christian family values" they're selling something; selling crap for more than it's worth is the whole basis of the profit motive. If you're only getting out what you put in, there's no profit, and if you're getting out MORE than you put in then you're getting more than your share, which is profitable, but not exactly ethical.

So if you can still make the payments without difficulty, no, I can't see how it's moral to walk away from an obligation you voluntarily entered. On the other hand, there are penalties and contingencies associated with that, and if those consequences are acceptable to you, perhaps it is moral. A bigger question is whether it was moral to offer people mortgages KNOWING they would default (even though THEY didn't know) and what obligations the borrower is under in those circumstances. If someone knowingly gave me a loan they knew I couldn't repay, even if I thought I could, there's a school of thought that says you can't con an honest man and me walking away is something they expected anyway (hence the credit default swaps. )
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Is walking away from a mortgage immoral? - 12/10/2010 04:45:43 PM 1368 Views
Just as a contract is a two way street - - 12/10/2010 05:12:09 PM 868 Views
do we have a moral obligation to society? - 12/10/2010 06:00:17 PM 861 Views
It's a good question - 14/10/2010 02:41:21 AM 777 Views
Sort of have to disagree... - 13/10/2010 02:52:07 AM 812 Views
That's not true actually - 14/10/2010 02:35:43 AM 759 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 958 Views
That's the only kind of morality there is! What the hell is wrong with you? - 12/10/2010 08:15:55 PM 785 Views
nothing wrong with me but I think you are off your meds again - 12/10/2010 09:34:33 PM 777 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 978 Views
A contract isn't a promise; it's a legal agreement. *NM* - 12/10/2010 06:25:24 PM 405 Views
Which is why contracts have to be pages and pages long and combed over by bloodsucking lawyers. - 12/10/2010 06:39:18 PM 817 Views
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 881 Views
It's not immoral to break the marriage contract. - 12/10/2010 08:19:50 PM 940 Views
I don't see that as the flaw in my logic. - 12/10/2010 08:37:52 PM 839 Views
Re: I don't see that as the flaw in my logic. - 12/10/2010 09:00:00 PM 931 Views
also - 12/10/2010 09:37:38 PM 787 Views
That makes no sense whatsoever. - 13/10/2010 11:38:06 PM 904 Views
That must be why they have you sign something called an agreementory note *NM* - 12/10/2010 07:33:32 PM 404 Views
Exactly *NM* - 12/10/2010 07:58:25 PM 387 Views
So, you think bankruptcy laws are immoral? - 13/10/2010 12:18:43 AM 825 Views
I don't think it's immoral at all. The contract usually specifies penalties for breach. - 12/10/2010 05:28:34 PM 910 Views
I thought the answer might be something like that. *NM* - 12/10/2010 05:35:35 PM 373 Views
that is close to the way I see it - 12/10/2010 05:45:25 PM 770 Views
It's both legal and immoral. - 12/10/2010 06:37:49 PM 853 Views
You didn't mention the third party - 12/10/2010 08:26:56 PM 700 Views
in a way I did since I did mention society - 12/10/2010 08:54:07 PM 844 Views
Thus the edit - 12/10/2010 09:10:53 PM 869 Views
either way I think you made a good point *NM* - 12/10/2010 09:38:58 PM 371 Views
will those neighbors... - 14/10/2010 04:52:26 AM 972 Views
All depends where you get your morals from, really. - 12/10/2010 08:28:41 PM 829 Views
I guess what i was trying to ask, at least in part - 12/10/2010 09:48:24 PM 797 Views
What if you look at it from the other perspective? - 12/10/2010 09:00:20 PM 848 Views
do you think they would if they had a legal way to do it? - 12/10/2010 10:04:57 PM 825 Views
Good point. *NM* - 12/10/2010 11:10:26 PM 388 Views
Sure, you could do that. - 13/10/2010 01:54:55 AM 851 Views
Much like the concept of morality itself. - 12/10/2010 11:47:23 PM 766 Views
I find this line particularly interesting. - 13/10/2010 12:13:18 AM 788 Views
Dunno. - 13/10/2010 12:56:56 AM 893 Views
As a professional in financial services - no, it is not. - 13/10/2010 01:44:18 AM 799 Views
but almost nobody sees it that way - 13/10/2010 12:53:25 PM 801 Views
Is the deal that if you default, the bank gets the house and nothing else, though? - 13/10/2010 02:40:48 PM 794 Views
yes but the bank has a limited ability to collect - 13/10/2010 02:47:34 PM 709 Views
I think it's morally wrong to walk away from credit card debt. *NM* - 13/10/2010 09:43:11 PM 379 Views
I'm curious how you reconcile that - 13/10/2010 09:47:59 PM 823 Views
Collateral - 19/10/2010 07:21:14 PM 1318 Views
I agree, what do you think is different? - 13/10/2010 09:59:36 PM 822 Views
I lost sleep over it, but I did it anyway. - 13/10/2010 05:24:19 AM 884 Views
OK what if you take it a step further - 13/10/2010 03:44:30 PM 838 Views
Good question - 14/10/2010 05:13:41 AM 855 Views
I have some questions about this issue. - 13/10/2010 08:14:37 AM 811 Views
how do those questions affect the morality of the situation? - 13/10/2010 03:20:14 PM 768 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 826 Views
You are when said bank requires a bailout. And very many of them do. - 13/10/2010 03:22:59 PM 786 Views
it is the home fault that the banks have to be bailed out - 13/10/2010 03:49:37 PM 847 Views
I believe it immoral to do harm. - 13/10/2010 04:38:28 PM 859 Views
I really don't understand a system where this could be an advantage. - 13/10/2010 11:16:57 PM 806 Views
There's generally something like a 7 or 10 year limit on credit reporting here. - 13/10/2010 11:46:58 PM 822 Views
What's the use of suing someone who has no money? *NM* - 13/10/2010 11:48:47 PM 437 Views
You can garnish their wages. - 13/10/2010 11:49:36 PM 781 Views
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 429 Views
If they suddenly come into some, you're entitled to it. *NM* - 14/10/2010 12:07:34 AM 504 Views
Bit of a long shot. *NM* - 14/10/2010 12:09:12 AM 353 Views
Very. Best to cover your bases though. *NM* - 14/10/2010 10:04:25 PM 373 Views
Not if the doctrine of election applies. - 14/10/2010 10:14:07 PM 768 Views
Are we not talking about credit companies going after people who owe them money? - 14/10/2010 10:18:47 PM 817 Views
Yeah, I guess we are. - 14/10/2010 10:28:40 PM 854 Views
Re: - 14/10/2010 03:09:18 AM 800 Views
I am currently in that situation... - 14/10/2010 05:03:23 AM 899 Views
Re: I am currently in that situation... - 14/10/2010 05:49:24 PM 1141 Views
it is easy for me and others to be glib when it is just a theory *NM* - 14/10/2010 08:19:16 PM 377 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 826 Views

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