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Your reponse to our moral coverage
Letters
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First, banks have no morality. They make bussiness decisions, lend money and give out bonusses to make more money. They care about knowone. So why should the american people? The american people bailed out the banks. The banks did little or nothing in return.
Second: The first wave of homeowners forclosed that bought late and were suckered in.
The second wave Investors forclosed on
The fourth wave wich includes myself are paying for a house that is worth at least less than half its original value 130,000. It might never go back to being worth what it was when I bought it 240,000.00. But I still have to pay the same amount 1550. plus expenses 400.
Meanwhile the bank won't sale the house across the street to someone that wants to live in it. Rather than modify loans take right downs, help the homeowner keep the home. The banks are selling for cash to people who are paying much much less. And causing another problem that is decimating my neighborhood, in th process. Renters, and these are possibly renters are getting section 8 vouchers.
So in conclusion the people commenting against leaving our homes can kiss my ass and choke on a bagel.
Sincerely
Robert
Las Vegas
I was shocked to hear how many of your listeners think it is OK to walk away from their mortgage contract. To too many people today buying a house is considered a financial investment; instead of what it is, financing a home purchase. That attitude is part of the reason for the trouble we find ourselves in today. For those who think it’s Ok to walk away from their commitment to pay their mortgage I have two things to say. First, you’ll have a bigger problem than a bad credit score if you fail to live up to your commitment to pay your mortgage, any future lender you go to for a loan will consider the risk they will be taking by lending to such an untrustworthy borrower. Secondly, if too many people walk away from their commitments to pay their mortgages the cost of getting a mortgage will go up as lenders take into consideration the risk they are taking, given a customer base that does not live up to its promise to pay back its loans. Lastly, yes companies do walk away from contracts. But, they also get sued for breach of contract.
