topic Re: STRATEGIC DEFAULT ..... Another new 'reason' for mortgage defaults .... in Credit in the News

STRATEGIC DEFAULT ..... Another new 'reason' for mortgage defaults ....

Watchmann — Mon, 27 Jul 2009 13:10:32 GMT

More explanations as to why things are still going sour in the housing industry .....

http://www.foxbusiness.com/story/personal-finance/financial-planning/real-estate-mortgage/hidden-reason-mortgage-defaults/

Message Edited by Watchmann on 07-27-2009 08:10 AM

Re: STRATEGIC DEFAULT ..... Another new 'reason' for mortgage defaults ....

Math_Rocks — Mon, 27 Jul 2009 14:20:10 GMT

Very good article, Watchmann!

We couldn't do it, but we were sorely tempted to walk away from our previous house when we moved here. Instead we took on way more debt than we can handle to pay the difference between what we could sell it for and what we owed. We'll be paying for that for many years to come. Sometimes trying to be ethical sucks.

Re: STRATEGIC DEFAULT ..... Another new 'reason' for mortgage defaults ....

MattH — Wed, 29 Jul 2009 01:52:53 GMT

@Math_Rocks wrote:
Very good article, Watchmann!

We couldn't do it, but we were sorely tempted to walk away from our previous house when we moved here. Instead we took on way more debt than we can handle to pay the difference between what we could sell it for and what we owed. We'll be paying for that for many years to come. Sometimes trying to be ethical sucks.

Well, being ethical means you can look at yourself with pride in the mirror. To me, a clear conscience is beyond price. Hell would freeze over before I would default on a debt, unless circumstances beyond my control made it utterly impossible (which thank God has not yet happened to me).

Re: STRATEGIC DEFAULT ..... Another new 'reason' for mortgage defaults ....

marty56 — Wed, 29 Jul 2009 11:52:39 GMT

Not so long ago I was tempted to take the so called easy (via BK) way out in dealing with 70k worth of CC debt.

I am so glad I didnt.

Re: STRATEGIC DEFAULT ..... Another new 'reason' for mortgage defaults ....

MattH — Wed, 12 Aug 2009 22:36:13 GMT

Here is the the paper mentioned in that news article. Whenever a news media report is based on an academic research paper, I prefer to read the original with full methodological details for myself.

Re: STRATEGIC DEFAULT ..... Another new 'reason' for mortgage defaults ....

Anonymous — Thu, 13 Aug 2009 10:34:47 GMT

For some reason, I just flashed on this quote for a moment...

From the movie, "Tommy Boy", 1995:

Tommy: I can get a good look at a T-bone by sticking my head up a bull's a**, but I'd rather take a butcher's word for it.

(No disrespect intended, MattH).

Re: STRATEGIC DEFAULT ..... Another new 'reason' for mortgage defaults ....

MattH — Thu, 13 Aug 2009 10:40:51 GMT

@Anonymous wrote:
For some reason, I just flashed on this quote for a moment...

From the movie, "Tommy Boy", 1995:

Tommy: I can get a good look at a T-bone by sticking my head up a bull's a**, but I'd rather take a butcher's word for it.

(No disrespect intended, MattH).

Well said, except I trust my butcher to know his products

I do not trust the news media to get complicated stories about scholarly research papers right, because in my own field of medical research the news media frequently get it wrong.

Message Edited by MattH on 08-13-2009 06:40 AM