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Is it time to bring back Debter's prison?

john conner October 29, 2008 01:05:55

Ok, We know wall street and our banks need to be held accountable for this credit crisis. Real Estate agents (in my opinion) are not getting their share of the blame either. But what troubles me is what I am hearing in in the news of folks who are walking away from their mortgage obliglations even though their income is stable and their payment/rates have not increased. People walking away just because the current value of the property has dropped.
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  • Cfossedal February 23, 2009 08:23:16
    Cfossedal

    None of the above

    What's the point? To pay additionally for the housing and wellbeing of people who will never be able to satisfy debt as a result of being imprisoned?

    Not having debter's prison is good for the economy, and the implausibility of it is a natural safeguard against monopolies.
  • +1 raves
    snydi October 29, 2008 01:55:55
    snydi

    None of the above

    I have a tendency to think that if this were so, then just about everybody we know would be in the klink! Don't you think so? Nearly all have some debt, especially now more than ever.
  • +1 raves
    john co... snydi October 29, 2008 02:18:25
    john conner
    It's not the debt, its those who walk away from their debt who have the means to pay, but don't because they owe more then their house is worth.
  • snydi john co... October 29, 2008 02:23:05
    snydi
    Yeah, I blame the institutions who let them borrow way more than these properties could ever possibly be worth. They, the lenders ,were counting on the projected worths of these parcels, and unfortunately the bubble burst. Maybe they need to lower some of these payments so people could meet them and there'd be less foreclosures.
  • +1 raves
    john co... snydi October 29, 2008 02:26:09
    john conner
    Both are to blame (plus the real estate agents!). When you buy a car it is worth less then you payed for it the minute you drive it off the lot. you don't stop paying for it because it has lost value.
  • +1 raves
    snydi john co... October 29, 2008 02:31:54
    snydi
    Oh yes, I don't dispute this fact at all, they're both to blame, also I'd like to add my agreement to what you said about people just walking away because they just don't want to pay, this angers me too. But for the people who ernestly want to hang on to their home and didn't expect all this, the banks have got to come up with a better way than just putting them out and foreclosing. The lenders are the ones with the best knowlege of the system while most borrowers are not.
  • +1 raves
    john co... snydi October 29, 2008 02:33:34
    john conner
    agreed
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