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Another aspect of the mortgage crisis. by Peace_man2008-07-29 09:47:29
  The laws changed recently by subbywan2008-07-29 09:51:05
    I agree with not giving people a free escape by AndyA 2008-07-29 10:36:32
If someone borrowed the money then they should have to pay it back if at all possible rather than just being able to declare bankruptcy and walk away. That only encourages unrealistic borrowing and a lack of responsibility.

Mortgages are different, they are secured loans.
The bank agrees to lend you $nnn to buy a house and accepts the house as security. If I don't make the payments the bank get's the house. If the house is no longer worth the amount owed then that is the banks problem, they accepted the house as security for a loan of that size when they made the loan, they can't come back and ask for more later on just because they miscalculated.
[ Reply ]
      Agreed on the latter with one provision: by subbywan2008-07-29 10:44:34
        Agreed. (n/t) by AndyA2008-07-29 11:03:28

 

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