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Anyway, Eddie and I have tussled in the past over mortgage defaults. Ed taking the line of our corporate overlords that this is sign of moral weakness. I, on the over hand, think it is a perfectly valid deal. The bank loaned you money to pay for the property. If you don't pay, they take the property. Defaulting, particularly if you are starving your kids or can't pay for health insurance, is simply honoring that bargain by giving them the house.
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Speaking of Corporate Overlords however, the Daily Show was honnoring me by showing my argument the most obvious manner possible.
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Now I don't expect the "Mortgage Broker Association" to support my argument. They have a vested interest in making sure people pay off their mortgages. But, low and below, in the do as I say category - not as a I do - the Mortgage Broker Association of America purchased a property that went way down in value in Washington DC. What did they do? The moral thing and pay for it anyway?
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Let's watch and see..... (spoiler alert - they defaulted - the rat bastards)
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| The Daily Show With Jon Stewart | Mon - Thurs 11p / 10c | |||
| Mortgage Bankers Association Strategic Default | ||||
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