Comments on: Strategic Mortgage Defaults a Growing Problem http://wallstreetpit.com/10541-major-implications-for-economy-and-markets Wed, 08 Feb 2012 22:13:42 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Jeff http://wallstreetpit.com/10541-major-implications-for-economy-and-markets#comment-484752 Jeff Sun, 23 Jan 2011 14:58:20 +0000 http://wallstreetpit.com/?p=10541#comment-484752 How is the mortgage crisis, and drop in home prices, likely to be fixed if folks can not locate a new job? There are an enormous number of families which have lost their houses to foreclosure and many more will until America starts generating something more then excuses. It's time to alter the trade policies with the Chinese. For crying out loud, our greatest trade partner is known to manipulate its currency! How is the mortgage crisis, and drop in home prices, likely to be fixed if folks can not locate a new job? There are an enormous number of families which have lost their houses to foreclosure and many more will until America starts generating something more then excuses. It’s time to alter the trade policies with the Chinese. For crying out loud, our greatest trade partner is known to manipulate its currency!

]]> By: Frank Fitton http://wallstreetpit.com/10541-major-implications-for-economy-and-markets#comment-65509 Frank Fitton Thu, 24 Sep 2009 17:41:41 +0000 http://wallstreetpit.com/?p=10541#comment-65509 This seems to me to be a sign of just on ongoing sociological problem with this country. It seems that we’ve almost gotten too modern. Everything is a business decision and no one has any sense of pride or keeping their word on something. Selective defaulting is a project that I feel should come with some negative consequences. Its going to have to be done on the banks end though. They need to start trying to pursue these people’s money more rather than just taking back the property. Pursuing it though is costly as well. Its just business decision after business decision. We might as well have computers running this whole affair. I think that if we injected a little more human into all ends of this and all other aspects of the financial spectrum, we’d all be a whole lot better off for it. Check out my blog on selective defaulting and personal financial irresponsibility at..... http://www.thedebtgazette.com/2009/09/strategic-defaulters/ This seems to me to be a sign of just on ongoing sociological problem with this country. It seems that we’ve almost gotten too modern. Everything is a business decision and no one has any sense of pride or keeping their word on something.

Selective defaulting is a project that I feel should come with some negative consequences. Its going to have to be done on the banks end though. They need to start trying to pursue these people’s money more rather than just taking back the property. Pursuing it though is costly as well. Its just business decision after business decision. We might as well have computers running this whole affair. I think that if we injected a little more human into all ends of this and all other aspects of the financial spectrum, we’d all be a whole lot better off for it.

Check out my blog on selective defaulting and personal financial irresponsibility at….. http://www.thedebtgazette.com/2009/09/strategic-defaulters/

]]> By: Martin Cole http://wallstreetpit.com/10541-major-implications-for-economy-and-markets#comment-65390 Martin Cole Wed, 23 Sep 2009 08:03:47 +0000 http://wallstreetpit.com/?p=10541#comment-65390 One year ago on my blog "Ironies Too" I proposed a means of avoiding this problem applicable for the UK. I quote the last paragraph of that 22nd September 2008 posting : Mortgages have always assumed the equity provided by the mortgagee is the first at risk. In this crisis that has to be changed. I suggest that for houses purchased since Gordon Brown, in the words of incoming BoE Governor King, to paraphrase 'moved the Goal Posts and excluded house prices from the CPI' any loss of value on the resale of such houses be directly proportioned between the first mortgage holder and the mortgagee. This is potentially expensive, but less so if it halts further slides in house prices. As the country is effectively bankrupt such a move will need financing and as a further step to somewhat also put the cost of the greed at the door where it lies I would further suggest the exemption of the first home from capital gains tax be withdrawn. Labels: UK House price crash posted by Martin at 9:29 AM One year ago on my blog “Ironies Too” I proposed a means of avoiding this problem applicable for the UK. I quote the last paragraph of that 22nd September 2008 posting :

Mortgages have always assumed the equity provided by the mortgagee is the first at risk. In this crisis that has to be changed. I suggest that for houses purchased since Gordon Brown, in the words of incoming BoE Governor King, to paraphrase ‘moved the Goal Posts and excluded house prices from the CPI’ any loss of value on the resale of such houses be directly proportioned between the first mortgage holder and the mortgagee. This is potentially expensive, but less so if it halts further slides in house prices. As the country is effectively bankrupt such a move will need financing and as a further step to somewhat also put the cost of the greed at the door where it lies I would further suggest the exemption of the first home from capital gains tax be withdrawn.

Labels: UK House price crash

posted by Martin at 9:29 AM

]]> By: Jim Stout http://wallstreetpit.com/10541-major-implications-for-economy-and-markets#comment-65315 Jim Stout Mon, 21 Sep 2009 21:31:59 +0000 http://wallstreetpit.com/?p=10541#comment-65315 Here is the previous study on Strategic Default http://tinyurl.com/l56fyd Here is the previous study on Strategic Default http://tinyurl.com/l56fyd

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