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Yeah, I guess we are. Tim Send a noteboard - 14/10/2010 10:28:40 PM
Cause they can go after as many of their customers as they want.

Or did I wander into a conversation where I misunderstood the context?


I was straying a bit into other areas of law, and rather forgetting the original issue. Also I've just learned about election so it was fresh in my mind :P. It applies when you enter into a contract with someone's agent, but he doesn't tell you he's an agent so you think you're contracting with him instead of with his principal (the person he's an agent for). If things go wrong, you can pick which one to sue, but not both. Now that I think about it, this would never arise if the bank was suing the customer (although it could conceivably arise if the customer was suing the bank). Sorry for the digression.
Vigilantibus non dormientibus jura subveniunt.

—Nous disons en allemand : le guerre, le mort, le lune, alors que 'soleil' et 'amour' sont du sexe féminin : la soleil, la amour. La vie est neutre.

—La vie ? Neutre ? C'est très joli, et surtout très logique.
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Is walking away from a mortgage immoral? random thoughts - 12/10/2010 04:45:43 PM 1373 Views
Just as a contract is a two way street - SilverWarder - 12/10/2010 05:12:09 PM 873 Views
do we have a moral obligation to society? random thoughts - 12/10/2010 06:00:17 PM 867 Views
It's a good question SilverWarder - 14/10/2010 02:41:21 AM 781 Views
Sort of have to disagree... Antigone - 13/10/2010 02:52:07 AM 818 Views
That's not true actually SilverWarder - 14/10/2010 02:35:43 AM 767 Views
Of course it's immoral. Sareitha Sedai - 12/10/2010 05:13:16 PM 843 Views
But does one sided morality work? random thoughts - 12/10/2010 05:38:56 PM 962 Views
You asked about the morality of walking away when the borrower still has the ability to pay. Sareitha Sedai - 12/10/2010 07:31:10 PM 765 Views
A company or organization cannot act morally or immorally? I strongly disagree. *NM* Legolas - 12/10/2010 07:50:42 PM 387 Views
No, it cannot. However the individuals making the decisions for the company can. *NM* Cannoli - 12/10/2010 08:48:23 PM 330 Views
If banks can not behave in moral manner why should people be expected to behave in moral manner? random thoughts - 12/10/2010 08:07:56 PM 836 Views
I'm not absolved of my obligations based on the bad behaviors of others. Sareitha Sedai - 12/10/2010 08:25:33 PM 742 Views
but who you owe obligations to is a factor random thoughts - 12/10/2010 09:03:04 PM 797 Views
Because it's their moral obligation. Morality is not a trade, you act morally because it is right Cannoli - 12/10/2010 08:47:41 PM 930 Views
you also use reason and logic to decide where your loyalty rest random thoughts - 12/10/2010 09:16:51 PM 826 Views
You have not explained how it IS the banks' fault Cannoli - 15/10/2010 01:30:10 PM 860 Views
That's the only kind of morality there is! What the hell is wrong with you? Cannoli - 12/10/2010 08:15:55 PM 789 Views
nothing wrong with me but I think you are off your meds again random thoughts - 12/10/2010 09:34:33 PM 784 Views
Re: nothing wrong with me but I think you are off your meds again Cannoli - 15/10/2010 02:50:49 PM 1281 Views
well I really can't argue with the wrong is wrong end of story belief system random thoughts - 15/10/2010 05:40:22 PM 983 Views
A contract isn't a promise; it's a legal agreement. *NM* Ghavrel - 12/10/2010 06:25:24 PM 407 Views
Which is why contracts have to be pages and pages long and combed over by bloodsucking lawyers. LiterateDog - 12/10/2010 06:39:18 PM 821 Views
I would agree with you if contracts didn't provide for breaking them. Ghavrel - 12/10/2010 07:33:15 PM 679 Views
Hrm. Sareitha Sedai - 12/10/2010 07:35:38 PM 887 Views
did you take a personal oath in front of god and your loved ones to pay the loan back? *NM* random thoughts - 12/10/2010 08:09:07 PM 396 Views
Let's assume we're talking about a marriage where no such oath was taken... *NM* Sareitha Sedai - 12/10/2010 08:10:54 PM 410 Views
if there is no oath of fidelity then straying would not be immoral *NM* random thoughts - 12/10/2010 08:40:53 PM 383 Views
It's not immoral to break the marriage contract. Ghavrel - 12/10/2010 08:19:50 PM 947 Views
I don't see that as the flaw in my logic. Sareitha Sedai - 12/10/2010 08:37:52 PM 845 Views
Re: I don't see that as the flaw in my logic. Ghavrel - 12/10/2010 09:00:00 PM 939 Views
also random thoughts - 12/10/2010 09:37:38 PM 792 Views
That makes no sense whatsoever. Tim - 13/10/2010 11:38:06 PM 912 Views
That must be why they have you sign something called an agreementory note *NM* Sareitha Sedai - 12/10/2010 07:33:32 PM 407 Views
Exactly *NM* Cannoli - 12/10/2010 07:58:25 PM 390 Views
So, you think bankruptcy laws are immoral? everynametaken - 13/10/2010 12:18:43 AM 830 Views
I don't think it's immoral at all. The contract usually specifies penalties for breach. Tom - 12/10/2010 05:28:34 PM 918 Views
I thought the answer might be something like that. *NM* Rebekah - 12/10/2010 05:35:35 PM 375 Views
that is close to the way I see it random thoughts - 12/10/2010 05:45:25 PM 774 Views
It's both legal and immoral. LiterateDog - 12/10/2010 06:37:49 PM 858 Views
You didn't mention the third party Roland00 - 12/10/2010 08:26:56 PM 704 Views
in a way I did since I did mention society random thoughts - 12/10/2010 08:54:07 PM 849 Views
Thus the edit Roland00 - 12/10/2010 09:10:53 PM 876 Views
either way I think you made a good point *NM* random thoughts - 12/10/2010 09:38:58 PM 374 Views
will those neighbors... damookster - 14/10/2010 04:52:26 AM 979 Views
All depends where you get your morals from, really. Nebhead - 12/10/2010 08:28:41 PM 836 Views
I guess what i was trying to ask, at least in part random thoughts - 12/10/2010 09:48:24 PM 800 Views
What if you look at it from the other perspective? Sareitha Sedai - 12/10/2010 09:00:20 PM 855 Views
do you think they would if they had a legal way to do it? random thoughts - 12/10/2010 10:04:57 PM 830 Views
Good point. *NM* Tashmere - 12/10/2010 11:10:26 PM 391 Views
Sure, you could do that. Aeryn - 13/10/2010 01:54:55 AM 856 Views
The problem is that you're buying something today and paying for it for the next 15/30/50 years. Sareitha Sedai - 13/10/2010 03:04:26 PM 739 Views
Much like the concept of morality itself. Gaps - 12/10/2010 11:47:23 PM 770 Views
I find this line particularly interesting. everynametaken - 13/10/2010 12:13:18 AM 792 Views
Dunno. nossy - 13/10/2010 12:56:56 AM 898 Views
As a professional in financial services - no, it is not. Aeryn - 13/10/2010 01:44:18 AM 806 Views
but almost nobody sees it that way random thoughts - 13/10/2010 12:53:25 PM 807 Views
Is the deal that if you default, the bank gets the house and nothing else, though? Legolas - 13/10/2010 02:40:48 PM 800 Views
yes but the bank has a limited ability to collect random thoughts - 13/10/2010 02:47:34 PM 714 Views
I think it's morally wrong to walk away from credit card debt. *NM* Aeryn - 13/10/2010 09:43:11 PM 382 Views
I'm curious how you reconcile that Sareitha Sedai - 13/10/2010 09:47:59 PM 828 Views
Collateral Aeryn - 19/10/2010 07:21:14 PM 1324 Views
I agree, what do you think is different? random thoughts - 13/10/2010 09:59:36 PM 830 Views
The difference is that the bank owns the house. Whereas when I buy stuff, it's mine. *NM* Aeryn - 19/10/2010 07:05:34 PM 364 Views
I too am unable to work out what distinguishes the two situations. Tim - 13/10/2010 11:54:15 PM 761 Views
I lost sleep over it, but I did it anyway. John - 13/10/2010 05:24:19 AM 893 Views
OK what if you take it a step further random thoughts - 13/10/2010 03:44:30 PM 845 Views
Good question John - 14/10/2010 05:13:41 AM 863 Views
I have some questions about this issue. MightyYT - 13/10/2010 08:14:37 AM 816 Views
how do those questions affect the morality of the situation? random thoughts - 13/10/2010 03:20:14 PM 775 Views
Obviously, the essential difference is can't pay versus won't pay. Elaine - 13/10/2010 02:16:07 PM 779 Views
are you socializing your debt when it is a private bank? random thoughts - 13/10/2010 03:14:48 PM 832 Views
You are when said bank requires a bailout. And very many of them do. Elaine - 13/10/2010 03:22:59 PM 792 Views
it is the home fault that the banks have to be bailed out random thoughts - 13/10/2010 03:49:37 PM 852 Views
I believe it immoral to do harm. Macharius - 13/10/2010 04:38:28 PM 866 Views
I really don't understand a system where this could be an advantage. Tim - 13/10/2010 11:16:57 PM 810 Views
There's generally something like a 7 or 10 year limit on credit reporting here. LiterateDog - 13/10/2010 11:46:58 PM 826 Views
What's the use of suing someone who has no money? *NM* Tim - 13/10/2010 11:48:47 PM 440 Views
You can garnish their wages. LiterateDog - 13/10/2010 11:49:36 PM 786 Views
With parsley? Rebekah - 13/10/2010 11:51:37 PM 876 Views
No, "someone" most certainly did not, wicked young Miss! Hmph! *NM* LiterateDog - 13/10/2010 11:52:40 PM 432 Views
If they suddenly come into some, you're entitled to it. *NM* TaskmasterJack - 14/10/2010 12:07:34 AM 507 Views
Bit of a long shot. *NM* Tim - 14/10/2010 12:09:12 AM 357 Views
Very. Best to cover your bases though. *NM* TaskmasterJack - 14/10/2010 10:04:25 PM 378 Views
Not if the doctrine of election applies. Tim - 14/10/2010 10:14:07 PM 774 Views
Are we not talking about credit companies going after people who owe them money? TaskmasterJack - 14/10/2010 10:18:47 PM 821 Views
Yeah, I guess we are. Tim - 14/10/2010 10:28:40 PM 859 Views
Re: Gaps - 14/10/2010 03:09:18 AM 807 Views
I am currently in that situation... damookster - 14/10/2010 05:03:23 AM 906 Views
In Washington you can contest the assessed value used to determine property taxes. Vodalus - 14/10/2010 07:27:02 AM 856 Views
Re: I am currently in that situation... Macharius - 14/10/2010 05:49:24 PM 1145 Views
it is easy for me and others to be glib when it is just a theory *NM* random thoughts - 14/10/2010 08:19:16 PM 379 Views
If you have the ability to pay, I would consider it yet another immoral act in an immoral industry. Joel - 14/10/2010 07:49:38 AM 832 Views
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