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but who you owe obligations to is a factor random thoughts Send a noteboard - 12/10/2010 09:03:04 PM
Why do you feel a moral imperative towards a group that feels no moral imperative towards you? If you are dealing with a entity that will do everything legal it can to protect itself is it immoral to play by the same rules? Why do we accept that disadvantage when we so many already. How much influence do you have on banking laws?

If you borrow money from your friend they are loaning you that money based on your word but a bank is loaning you money but on collateral and their best guess if you are going to pay you back. It is a legal contract not a social contract.

I am not sure legal contracts carry the same moral obligation as a social contract do.
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Is walking away from a mortgage immoral? random thoughts - 12/10/2010 04:45:43 PM 1677 Views
Just as a contract is a two way street - SilverWarder - 12/10/2010 05:12:09 PM 1155 Views
do we have a moral obligation to society? random thoughts - 12/10/2010 06:00:17 PM 1144 Views
It's a good question SilverWarder - 14/10/2010 02:41:21 AM 1048 Views
Sort of have to disagree... Antigone - 13/10/2010 02:52:07 AM 1142 Views
That's not true actually SilverWarder - 14/10/2010 02:35:43 AM 1031 Views
Of course it's immoral. Sareitha Sedai - 12/10/2010 05:13:16 PM 1107 Views
But does one sided morality work? random thoughts - 12/10/2010 05:38:56 PM 1227 Views
You asked about the morality of walking away when the borrower still has the ability to pay. Sareitha Sedai - 12/10/2010 07:31:10 PM 1026 Views
A company or organization cannot act morally or immorally? I strongly disagree. *NM* Legolas - 12/10/2010 07:50:42 PM 513 Views
No, it cannot. However the individuals making the decisions for the company can. *NM* Cannoli - 12/10/2010 08:48:23 PM 474 Views
If banks can not behave in moral manner why should people be expected to behave in moral manner? random thoughts - 12/10/2010 08:07:56 PM 1124 Views
I'm not absolved of my obligations based on the bad behaviors of others. Sareitha Sedai - 12/10/2010 08:25:33 PM 1025 Views
but who you owe obligations to is a factor random thoughts - 12/10/2010 09:03:04 PM 1091 Views
Because it's their moral obligation. Morality is not a trade, you act morally because it is right Cannoli - 12/10/2010 08:47:41 PM 1215 Views
you also use reason and logic to decide where your loyalty rest random thoughts - 12/10/2010 09:16:51 PM 1134 Views
You have not explained how it IS the banks' fault Cannoli - 15/10/2010 01:30:10 PM 1177 Views
That's the only kind of morality there is! What the hell is wrong with you? Cannoli - 12/10/2010 08:15:55 PM 1076 Views
nothing wrong with me but I think you are off your meds again random thoughts - 12/10/2010 09:34:33 PM 1056 Views
Re: nothing wrong with me but I think you are off your meds again Cannoli - 15/10/2010 02:50:49 PM 1559 Views
well I really can't argue with the wrong is wrong end of story belief system random thoughts - 15/10/2010 05:40:22 PM 1266 Views
A contract isn't a promise; it's a legal agreement. *NM* Ghavrel - 12/10/2010 06:25:24 PM 525 Views
Which is why contracts have to be pages and pages long and combed over by bloodsucking lawyers. LiterateDog - 12/10/2010 06:39:18 PM 1082 Views
I would agree with you if contracts didn't provide for breaking them. Ghavrel - 12/10/2010 07:33:15 PM 939 Views
Hrm. Sareitha Sedai - 12/10/2010 07:35:38 PM 1200 Views
did you take a personal oath in front of god and your loved ones to pay the loan back? *NM* random thoughts - 12/10/2010 08:09:07 PM 528 Views
Let's assume we're talking about a marriage where no such oath was taken... *NM* Sareitha Sedai - 12/10/2010 08:10:54 PM 532 Views
if there is no oath of fidelity then straying would not be immoral *NM* random thoughts - 12/10/2010 08:40:53 PM 500 Views
It's not immoral to break the marriage contract. Ghavrel - 12/10/2010 08:19:50 PM 1204 Views
I don't see that as the flaw in my logic. Sareitha Sedai - 12/10/2010 08:37:52 PM 1116 Views
Re: I don't see that as the flaw in my logic. Ghavrel - 12/10/2010 09:00:00 PM 1196 Views
also random thoughts - 12/10/2010 09:37:38 PM 1073 Views
That makes no sense whatsoever. Tim - 13/10/2010 11:38:06 PM 1221 Views
That must be why they have you sign something called an agreementory note *NM* Sareitha Sedai - 12/10/2010 07:33:32 PM 584 Views
Exactly *NM* Cannoli - 12/10/2010 07:58:25 PM 505 Views
So, you think bankruptcy laws are immoral? everynametaken - 13/10/2010 12:18:43 AM 1098 Views
I don't think it's immoral at all. The contract usually specifies penalties for breach. Tom - 12/10/2010 05:28:34 PM 1193 Views
I thought the answer might be something like that. *NM* Rebekah - 12/10/2010 05:35:35 PM 498 Views
that is close to the way I see it random thoughts - 12/10/2010 05:45:25 PM 1050 Views
It's both legal and immoral. LiterateDog - 12/10/2010 06:37:49 PM 1156 Views
You didn't mention the third party Roland00 - 12/10/2010 08:26:56 PM 977 Views
in a way I did since I did mention society random thoughts - 12/10/2010 08:54:07 PM 1128 Views
Thus the edit Roland00 - 12/10/2010 09:10:53 PM 1137 Views
either way I think you made a good point *NM* random thoughts - 12/10/2010 09:38:58 PM 480 Views
will those neighbors... damookster - 14/10/2010 04:52:26 AM 1299 Views
All depends where you get your morals from, really. Nebhead - 12/10/2010 08:28:41 PM 1112 Views
I guess what i was trying to ask, at least in part random thoughts - 12/10/2010 09:48:24 PM 1130 Views
What if you look at it from the other perspective? Sareitha Sedai - 12/10/2010 09:00:20 PM 1156 Views
do you think they would if they had a legal way to do it? random thoughts - 12/10/2010 10:04:57 PM 1099 Views
Good point. *NM* Tashmere - 12/10/2010 11:10:26 PM 527 Views
Sure, you could do that. Aeryn - 13/10/2010 01:54:55 AM 1145 Views
The problem is that you're buying something today and paying for it for the next 15/30/50 years. Sareitha Sedai - 13/10/2010 03:04:26 PM 1042 Views
Much like the concept of morality itself. Gaps - 12/10/2010 11:47:23 PM 1044 Views
I find this line particularly interesting. everynametaken - 13/10/2010 12:13:18 AM 1089 Views
Dunno. nossy - 13/10/2010 12:56:56 AM 1194 Views
As a professional in financial services - no, it is not. Aeryn - 13/10/2010 01:44:18 AM 1095 Views
but almost nobody sees it that way random thoughts - 13/10/2010 12:53:25 PM 1072 Views
Is the deal that if you default, the bank gets the house and nothing else, though? Legolas - 13/10/2010 02:40:48 PM 1080 Views
yes but the bank has a limited ability to collect random thoughts - 13/10/2010 02:47:34 PM 1004 Views
I think it's morally wrong to walk away from credit card debt. *NM* Aeryn - 13/10/2010 09:43:11 PM 496 Views
I'm curious how you reconcile that Sareitha Sedai - 13/10/2010 09:47:59 PM 1112 Views
Collateral Aeryn - 19/10/2010 07:21:14 PM 1599 Views
I agree, what do you think is different? random thoughts - 13/10/2010 09:59:36 PM 1079 Views
The difference is that the bank owns the house. Whereas when I buy stuff, it's mine. *NM* Aeryn - 19/10/2010 07:05:34 PM 496 Views
I too am unable to work out what distinguishes the two situations. Tim - 13/10/2010 11:54:15 PM 1038 Views
I lost sleep over it, but I did it anyway. John - 13/10/2010 05:24:19 AM 1182 Views
OK what if you take it a step further random thoughts - 13/10/2010 03:44:30 PM 1184 Views
Good question John - 14/10/2010 05:13:41 AM 1160 Views
I have some questions about this issue. MightyYT - 13/10/2010 08:14:37 AM 1113 Views
how do those questions affect the morality of the situation? random thoughts - 13/10/2010 03:20:14 PM 1040 Views
Obviously, the essential difference is can't pay versus won't pay. Elaine - 13/10/2010 02:16:07 PM 1053 Views
are you socializing your debt when it is a private bank? random thoughts - 13/10/2010 03:14:48 PM 1120 Views
You are when said bank requires a bailout. And very many of them do. Elaine - 13/10/2010 03:22:59 PM 1057 Views
it is the home fault that the banks have to be bailed out random thoughts - 13/10/2010 03:49:37 PM 1136 Views
I believe it immoral to do harm. Macharius - 13/10/2010 04:38:28 PM 1149 Views
I really don't understand a system where this could be an advantage. Tim - 13/10/2010 11:16:57 PM 1080 Views
There's generally something like a 7 or 10 year limit on credit reporting here. LiterateDog - 13/10/2010 11:46:58 PM 1104 Views
What's the use of suing someone who has no money? *NM* Tim - 13/10/2010 11:48:47 PM 567 Views
You can garnish their wages. LiterateDog - 13/10/2010 11:49:36 PM 1075 Views
With parsley? Rebekah - 13/10/2010 11:51:37 PM 1145 Views
No, "someone" most certainly did not, wicked young Miss! Hmph! *NM* LiterateDog - 13/10/2010 11:52:40 PM 543 Views
If they suddenly come into some, you're entitled to it. *NM* TaskmasterJack - 14/10/2010 12:07:34 AM 619 Views
Bit of a long shot. *NM* Tim - 14/10/2010 12:09:12 AM 504 Views
Very. Best to cover your bases though. *NM* TaskmasterJack - 14/10/2010 10:04:25 PM 523 Views
Not if the doctrine of election applies. Tim - 14/10/2010 10:14:07 PM 1055 Views
Are we not talking about credit companies going after people who owe them money? TaskmasterJack - 14/10/2010 10:18:47 PM 1102 Views
Yeah, I guess we are. Tim - 14/10/2010 10:28:40 PM 1129 Views
Re: Gaps - 14/10/2010 03:09:18 AM 1086 Views
I am currently in that situation... damookster - 14/10/2010 05:03:23 AM 1189 Views
In Washington you can contest the assessed value used to determine property taxes. Vodalus - 14/10/2010 07:27:02 AM 1132 Views
Re: I am currently in that situation... Macharius - 14/10/2010 05:49:24 PM 1440 Views
it is easy for me and others to be glib when it is just a theory *NM* random thoughts - 14/10/2010 08:19:16 PM 500 Views
If you have the ability to pay, I would consider it yet another immoral act in an immoral industry. Joel - 14/10/2010 07:49:38 AM 1130 Views
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