Walk Away From Your Mortgage!

**michaelr** · 10th January 2010 09:18 AM

Walk Away From Your Mortgage!

I remember when folks in UT were walking away, hell there was a cartoon on the front page of the paper asking if the last person out would turn off the lights. I do not recommend it, but knowing what I do about TARP-Gate, I would ask that you demand relief from the feds. I could support that, and I would rather have my debt to the government support that instead of the bankers that caused this crap!

**Chief** · 10th January 2010 09:55 AM

[quote name='michaelr' date='10 January 2010 - 08:18 AM' timestamp='1263140329' post='96311']

Walk Away From Your Mortgage!

I remember when folks in UT were walking away, hell there was a cartoon on the front page of the paper asking if the last person out would turn off the lights. I do not recommend it, but knowing what I do about TARP-Gate, I would ask that you demand relief from the feds. I could support that, and I would rather have my debt to the government support that instead of the bankers that caused this crap!

[/quote]

I would rather it go to us citizens than the banks also... but I have a hard time giving a pass to so many dumb asses that got variable rate mortgages, paying interest only, that they could barely afford when the interest was low. What did they think would happen in 6 months? I can understand the excitement of owning a home, but any time you take on debt you really need to take a look at your finances and adjust your plan.

**michaelr** · 10th January 2010 09:57 AM

[quote name='gabebrooks' date='10 January 2010 - 08:55 AM' timestamp='1263142501' post='96346']

I would rather it go to us citizens than the banks also... but I have a hard time giving a pass to so many dumb asses that got variable rate mortgages, paying interest only, that they could barely afford when the interest was low. What did they think would happen in 6 months? I can understand the excitement of owning a home, but any time you take on debt you really need to take a look at your finances and adjust your plan.

[/quote]

You do Gabe, and you better look forward.

If we had jobs, things would certainly be better. Thats my stand!

**Blueneck** · 10th January 2010 10:25 AM

[quote name='gabebrooks' date='10 January 2010 - 11:55 AM' timestamp='1263142501' post='96346']

I would rather it go to us citizens than the banks also... but I have a hard time giving a pass to so many dumb asses that got variable rate mortgages, paying interest only, that they could barely afford when the interest was low. What did they think would happen in 6 months? I can understand the excitement of owning a home, but any time you take on debt you really need to take a look at your finances and adjust your plan.

[/quote]

Even dumber in theory is the bank that loaned them the money. Except they resell the debt, so if it doesn't get paid back it's not their problem.

**johnflesh** · 10th January 2010 11:27 AM

[quote name='Blueneck' date='10 January 2010 - 11:25 AM' timestamp='1263144342' post='96410']

Even dumber in theory is the bank that loaned them the money. Except they resell the debt, so if it doesn't get paid back it's not their problem.

[/quote]

Sounds like a debt harvesting.

Want to become very rich and have some control over people's lives? Buy their debt.

**Inkslinger** · 10th January 2010 12:08 PM

Hey Mike, are you walking away from your mortgage?

**michaelr** · 10th January 2010 12:09 PM

[quote name='Inkslinger' date='10 January 2010 - 11:08 AM' timestamp='1263150486' post='96506']

Hey Mike, are you walking away from your mortgage?

[/quote]

No need, and I do not advocate it.

**nonsqtr** · 10th January 2010 12:13 PM

[quote name='Blueneck' date='10 January 2010 - 12:25 PM' timestamp='1263144342' post='96410']

Even dumber in theory is the bank that loaned them the money. Except they resell the debt, so if it doesn't get paid back it's not their problem.

[/quote]

Ya think? Actually it is their problem, because they finance the insurance companies who have to pay out the credit default swaps when the corps go under. That's what Geithner-gate is all about. He tried to hide 61 billion dollars of bailout money, and now he's set it up so the banks who financed that on the government dime, don't have to pay back a penny of it!

Obama sold us out. Sad but true. There's no hope in that corner, only deeper trouble. You should check out the American Populist Party, they have a real solution that'll really work. They have some top-notch people, really good - Axelrod caliber, Karl Rove caliber. It's only a matter of time before they start getting press. I think they're even going to absorb some of those minor parties that didn't make it on the ballot this time around. Have you been checking the various secretaries of state? No Constitutional party, no Modern Whigs, nothing like that. They're nowhere to be found. Meanwhile the American Populists have gathered almost 40,000 signatures in just a few weeks, they've brought up three web sites and they all work (as distinct from Ron Paul's site where the menus just drop down and stay there, they don't go away - very ugly stuff, they look just as bad as my rock 'n' roll sites only they have a hundred programmers making 'em not work).