Comments on: The world’s largest guilt trip http://blogs.reuters.com/felix-salmon/2009/11/30/the-worlds-largest-guilt-trip/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: jillbradlie http://blogs.reuters.com/felix-salmon/2009/11/30/the-worlds-largest-guilt-trip/comment-page-1/#comment-12213 Wed, 24 Feb 2010 20:06:40 +0000 http://blogs.reuters.com/felix-salmon/2009/11/30/the-worlds-largest-guilt-trip/#comment-12213 Wow hard to believe, how could you sleep at night with this over your head.

http://blogs.reuters.com/africanews/2009  /09/02/was-it-right-to-grant-refugee-st atus-to-white-south-african

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By: Bettykin http://blogs.reuters.com/felix-salmon/2009/11/30/the-worlds-largest-guilt-trip/comment-page-1/#comment-9660 Mon, 07 Dec 2009 23:32:27 +0000 http://blogs.reuters.com/felix-salmon/2009/11/30/the-worlds-largest-guilt-trip/#comment-9660 I’ve been searching for all the posts dated in 2006 recommending homeowners share their profits from refinancing their highly appreciated properties with the bank but can’t seem to find them.

You can make a “business” decision to walk away from your debts but if everyone does this our credit system will collapse.

While going back to a cash based economy would be fine with me, it’s going to hurt the same people you’re telling to walk away from their obligations. If they couldn’t accurately predict their ability to afford their mortgage payments, how are they going to live without credit cards & consumer loans?

As KR mentioned, inflation is already eating away at the value of our dollar. I prefer to own real assets (real estate, metals, commodities) to paper in this environment. Value is determined by market demand, everyone needs shelter, the only thing left to negotiate is price.

Betty

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By: kedo http://blogs.reuters.com/felix-salmon/2009/11/30/the-worlds-largest-guilt-trip/comment-page-1/#comment-9624 Fri, 04 Dec 2009 23:07:41 +0000 http://blogs.reuters.com/felix-salmon/2009/11/30/the-worlds-largest-guilt-trip/#comment-9624 Bought a house in April 2007 for around $550k and by Jan 2009 it had lost about $200k in equity; a house we COULD afford. Stopped paying in Jan 2009; I think Wells Fargo has foreclosed, I’m not really sure, we’ve moved into a rental in October to save $1700 a month but lived for free from Jan to Oct. Credit dinged, already going back up though since I am not going to default on any other loan.

If you are tied to your mortgage because of moral constraints you are a lemming and a moron. Good luck to you; you need it.

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By: KR http://blogs.reuters.com/felix-salmon/2009/11/30/the-worlds-largest-guilt-trip/comment-page-1/#comment-9473 Wed, 02 Dec 2009 02:16:30 +0000 http://blogs.reuters.com/felix-salmon/2009/11/30/the-worlds-largest-guilt-trip/#comment-9473 Yes, I’m upside down on my primary residence, a condo in Orlando, FL. Purchased for $82K in 2002, maxed out at $235K in 2006, and currently worth somewhere around $50K. I now work in another city, and can no longer live in the house, nor rent it. Thank you, FHA, for your owner occupancy rules.Thanks to my 15 year fixed rate loan, I’m only a little underwater. Still, the monthly cash flow did lead me to think about sending the keys back to the bank. When I crunched the numbers, it made sense. A couple of things kept me from pulling the plug:(1) Preservation of my good name. White’s got a point. For me, it’s a sense of responsibility to my neighbors. While I may have gone to a B-School, I’m not the convert that Mr. Salmon is. He fails to realize that in human affairs, reputation matters, that there is more to life than making a buck.(2) The realization that there’s a land grab on. The clever B-School grads mentioned above are running the show. They have created market conditions designed to turn owners into renters. “Investors” are the market now. I am wary of them as neighbors, as they exist solely to enrich themselves and do not share my sense of neighborhood responsibility. As Mr. Salmon has so eloquently pointed out, I am being screwed. Given the option of by whom, I prefer to enrich the bank. Mortgages end. Rent is forever.(3) My dollar is worth less and less everyday. In absolute dollars, compensation in my chosen profession (I.T. Business Analysis) has actually gone up. It still buys what it did in 2004, but it takes more of them. The proportion of mortgage payment to monthly income has gone way down. As far as my mortgage is concerned, inflation rocks! Keep printing, Mr. Greenspan!

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By: TheHolyFatman http://blogs.reuters.com/felix-salmon/2009/11/30/the-worlds-largest-guilt-trip/comment-page-1/#comment-9470 Wed, 02 Dec 2009 01:25:23 +0000 http://blogs.reuters.com/felix-salmon/2009/11/30/the-worlds-largest-guilt-trip/#comment-9470 I walked away. I had many reasons and I have never felt better.The more I read this economy going the way it is, the better I feel. Owning a home isn’t for everyone and I realized this. I’ll probably never own again and I’m perfectly OK with that.

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By: Whippy http://blogs.reuters.com/felix-salmon/2009/11/30/the-worlds-largest-guilt-trip/comment-page-1/#comment-9466 Wed, 02 Dec 2009 00:02:44 +0000 http://blogs.reuters.com/felix-salmon/2009/11/30/the-worlds-largest-guilt-trip/#comment-9466 If your upside down, WALK AWAY! While your at it, shuck the Credit Cards. Screw the Banks! They are all underwater themselves, not from residential loans, but from shitty commercial loans they made to their buddies on Wall Street who helped collude, and mastermind the fleecing of all Americans.Flugg them all!

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By: Giovanni http://blogs.reuters.com/felix-salmon/2009/11/30/the-worlds-largest-guilt-trip/comment-page-1/#comment-9425 Tue, 01 Dec 2009 06:34:03 +0000 http://blogs.reuters.com/felix-salmon/2009/11/30/the-worlds-largest-guilt-trip/#comment-9425 My recommendation: If you are dumping your house, dump your credit cards as well. The people who caused this calamity are the same who legalized usury and exported your job. If your “Credit Score”, is hosed by walking from the house, let them eat the cake and leave the credit cards in the kitchen drawer.

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By: JMT http://blogs.reuters.com/felix-salmon/2009/11/30/the-worlds-largest-guilt-trip/comment-page-1/#comment-9395 Mon, 30 Nov 2009 20:42:53 +0000 http://blogs.reuters.com/felix-salmon/2009/11/30/the-worlds-largest-guilt-trip/#comment-9395 Here in Detroit it’s even worse, at least percentage wise. My house, with about $54k left on a $56k mortgage, is now worth somewhere around $20k. Yes, my mortgage is now double the value of the house, and there’s no sign that will get back up to it’s previous (inflated) value any time before the mortgage is paid off in 30 years. The payments aren’t a problem (for now) but the declining availability of city services, and the rapidly rising cost of things like insurance here is making it very difficult to justify keeping the house. Unfortunately Michigan is a recourse state, or so I’m told, so simply walking away would be somewhat complicated.

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By: DaveinPhilly http://blogs.reuters.com/felix-salmon/2009/11/30/the-worlds-largest-guilt-trip/comment-page-1/#comment-9393 Mon, 30 Nov 2009 20:27:18 +0000 http://blogs.reuters.com/felix-salmon/2009/11/30/the-worlds-largest-guilt-trip/#comment-9393 wcw said..”But check: rough out the cost of walking away from your mortgage and renting an equivalent or better place and investing the difference.””Most landlords nowadays will run a credit check on you before you rent. As a former property manager many years ago, we started using credit checks and it showed who the deadbeats are. You might not be able to rent if you walk away from your mortgage.””Joe P, did you read the trial court decision? Trust me, you did not, at least not before I asked. In my experience, lackwit rightwingers like you never read the primary sources. Let’s just say your ilk makes me wish there were a hell. ””Well, I read the court decision and I agree with Joe P. It seems that the anti-corporate left-wingers are siding with the Horoski’s, while the more astute people recognize them for the deadbeats that they are. After reading the ENTIRE ruling, I think the judge is incompetent. For example, he repeatedly misidentified who the plaintiff and defendant were.I hope it gets overturned on appeal so that the deadbeats don’t get a free house. They defaulted back in 2005, less than a year after taking out the loan and then NEVER made a payment for the next FIVE years. Wow! And the bleeding heart liberals don’t seem to mind.

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By: Lord http://blogs.reuters.com/felix-salmon/2009/11/30/the-worlds-largest-guilt-trip/comment-page-1/#comment-9389 Mon, 30 Nov 2009 20:06:30 +0000 http://blogs.reuters.com/felix-salmon/2009/11/30/the-worlds-largest-guilt-trip/#comment-9389 The most astute already sold or walked away so we are not dealing with the brightest here. Some may be underwater but not by much and consider it only a transitory state and one their credit is good for. Someone with a $200k home would likely fall in this group. Others simply want their home regardless of whether they can afford it and it is not so much morality as emotion. Others consider it immoral for others as they profited on the way up and bear the costs on the way down.

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