PBS did a revealing segment on home owners who have entered into strategic mortgage defaults as a “business decision.”
Hat Tip: Tim Iacono
The fact that people are able to live mortgage and rent- free for a couple of years before foreclosures complete is amazing. Quite a leg up if you are able to keep earning and saving money while you wait.
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The shamelessness of it all is what I find repugnant. 'Walking away' is actually a misnomer because people stop payment but does not actually walk away and move out. They are, at least for now, having the cake and eating it, too.
I don't see any solution to this problem until social ethical order is restored by holding people accountable for their actions, be it fraudulent bankers on Wall Street or squatters who 'strategically' default.
I agree with you but somehow the average Joe keeping a roof over his head seems less offensive than the Fat Cats on Wall Street counting their billion dollar bonuses.
There is no more accountability anymore. It is all about who you know, what you can get away with until the system is milked dry.
Moral relativism is a slippery slope.