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If you have the ability to pay, I would consider it yet another immoral act in an immoral industry. Joel Send a noteboard - 14/10/2010 07:49:38 AM
Someone tell me again how to reconcile the profit motive with "love of money is the root of all evil. " I'm not saying either position is correct, I'm just saying there's an obvious conflict, so trying to maintain both is nigh impossible. And, I'll not as an aside, the people RUNNING the GOP figured this out almost from Day One, so you can pretty much assume that when one of them gets up there talking about "Christian family values" they're selling something; selling crap for more than it's worth is the whole basis of the profit motive. If you're only getting out what you put in, there's no profit, and if you're getting out MORE than you put in then you're getting more than your share, which is profitable, but not exactly ethical.

So if you can still make the payments without difficulty, no, I can't see how it's moral to walk away from an obligation you voluntarily entered. On the other hand, there are penalties and contingencies associated with that, and if those consequences are acceptable to you, perhaps it is moral. A bigger question is whether it was moral to offer people mortgages KNOWING they would default (even though THEY didn't know) and what obligations the borrower is under in those circumstances. If someone knowingly gave me a loan they knew I couldn't repay, even if I thought I could, there's a school of thought that says you can't con an honest man and me walking away is something they expected anyway (hence the credit default swaps. )
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Is walking away from a mortgage immoral? - 12/10/2010 04:45:43 PM 1464 Views
Just as a contract is a two way street - - 12/10/2010 05:12:09 PM 970 Views
do we have a moral obligation to society? - 12/10/2010 06:00:17 PM 961 Views
It's a good question - 14/10/2010 02:41:21 AM 869 Views
Sort of have to disagree... - 13/10/2010 02:52:07 AM 929 Views
That's not true actually - 14/10/2010 02:35:43 AM 861 Views
Of course it's immoral. - 12/10/2010 05:13:16 PM 931 Views
But does one sided morality work? - 12/10/2010 05:38:56 PM 1055 Views
That's the only kind of morality there is! What the hell is wrong with you? - 12/10/2010 08:15:55 PM 875 Views
nothing wrong with me but I think you are off your meds again - 12/10/2010 09:34:33 PM 881 Views
Re: nothing wrong with me but I think you are off your meds again - 15/10/2010 02:50:49 PM 1376 Views
well I really can't argue with the wrong is wrong end of story belief system - 15/10/2010 05:40:22 PM 1073 Views
A contract isn't a promise; it's a legal agreement. *NM* - 12/10/2010 06:25:24 PM 438 Views
Which is why contracts have to be pages and pages long and combed over by bloodsucking lawyers. - 12/10/2010 06:39:18 PM 918 Views
I would agree with you if contracts didn't provide for breaking them. - 12/10/2010 07:33:15 PM 767 Views
Hrm. - 12/10/2010 07:35:38 PM 974 Views
It's not immoral to break the marriage contract. - 12/10/2010 08:19:50 PM 1031 Views
I don't see that as the flaw in my logic. - 12/10/2010 08:37:52 PM 943 Views
Re: I don't see that as the flaw in my logic. - 12/10/2010 09:00:00 PM 1023 Views
also - 12/10/2010 09:37:38 PM 883 Views
That makes no sense whatsoever. - 13/10/2010 11:38:06 PM 1003 Views
That must be why they have you sign something called an agreementory note *NM* - 12/10/2010 07:33:32 PM 459 Views
Exactly *NM* - 12/10/2010 07:58:25 PM 426 Views
So, you think bankruptcy laws are immoral? - 13/10/2010 12:18:43 AM 909 Views
I don't think it's immoral at all. The contract usually specifies penalties for breach. - 12/10/2010 05:28:34 PM 1022 Views
I thought the answer might be something like that. *NM* - 12/10/2010 05:35:35 PM 408 Views
that is close to the way I see it - 12/10/2010 05:45:25 PM 858 Views
It's both legal and immoral. - 12/10/2010 06:37:49 PM 947 Views
You didn't mention the third party - 12/10/2010 08:26:56 PM 796 Views
in a way I did since I did mention society - 12/10/2010 08:54:07 PM 937 Views
Thus the edit - 12/10/2010 09:10:53 PM 972 Views
either way I think you made a good point *NM* - 12/10/2010 09:38:58 PM 406 Views
will those neighbors... - 14/10/2010 04:52:26 AM 1071 Views
All depends where you get your morals from, really. - 12/10/2010 08:28:41 PM 929 Views
I guess what i was trying to ask, at least in part - 12/10/2010 09:48:24 PM 895 Views
What if you look at it from the other perspective? - 12/10/2010 09:00:20 PM 944 Views
do you think they would if they had a legal way to do it? - 12/10/2010 10:04:57 PM 922 Views
Good point. *NM* - 12/10/2010 11:10:26 PM 426 Views
Sure, you could do that. - 13/10/2010 01:54:55 AM 952 Views
Much like the concept of morality itself. - 12/10/2010 11:47:23 PM 864 Views
I find this line particularly interesting. - 13/10/2010 12:13:18 AM 891 Views
Dunno. - 13/10/2010 12:56:56 AM 992 Views
As a professional in financial services - no, it is not. - 13/10/2010 01:44:18 AM 901 Views
but almost nobody sees it that way - 13/10/2010 12:53:25 PM 892 Views
Is the deal that if you default, the bank gets the house and nothing else, though? - 13/10/2010 02:40:48 PM 886 Views
yes but the bank has a limited ability to collect - 13/10/2010 02:47:34 PM 804 Views
I think it's morally wrong to walk away from credit card debt. *NM* - 13/10/2010 09:43:11 PM 415 Views
I'm curious how you reconcile that - 13/10/2010 09:47:59 PM 915 Views
Collateral - 19/10/2010 07:21:14 PM 1417 Views
I agree, what do you think is different? - 13/10/2010 09:59:36 PM 913 Views
I lost sleep over it, but I did it anyway. - 13/10/2010 05:24:19 AM 985 Views
OK what if you take it a step further - 13/10/2010 03:44:30 PM 938 Views
Good question - 14/10/2010 05:13:41 AM 957 Views
I have some questions about this issue. - 13/10/2010 08:14:37 AM 918 Views
how do those questions affect the morality of the situation? - 13/10/2010 03:20:14 PM 859 Views
Obviously, the essential difference is can't pay versus won't pay. - 13/10/2010 02:16:07 PM 870 Views
are you socializing your debt when it is a private bank? - 13/10/2010 03:14:48 PM 944 Views
You are when said bank requires a bailout. And very many of them do. - 13/10/2010 03:22:59 PM 886 Views
it is the home fault that the banks have to be bailed out - 13/10/2010 03:49:37 PM 934 Views
I believe it immoral to do harm. - 13/10/2010 04:38:28 PM 960 Views
I really don't understand a system where this could be an advantage. - 13/10/2010 11:16:57 PM 899 Views
There's generally something like a 7 or 10 year limit on credit reporting here. - 13/10/2010 11:46:58 PM 913 Views
What's the use of suing someone who has no money? *NM* - 13/10/2010 11:48:47 PM 475 Views
You can garnish their wages. - 13/10/2010 11:49:36 PM 899 Views
With parsley? - 13/10/2010 11:51:37 PM 956 Views
No, "someone" most certainly did not, wicked young Miss! Hmph! *NM* - 13/10/2010 11:52:40 PM 462 Views
If they suddenly come into some, you're entitled to it. *NM* - 14/10/2010 12:07:34 AM 541 Views
Bit of a long shot. *NM* - 14/10/2010 12:09:12 AM 406 Views
Very. Best to cover your bases though. *NM* - 14/10/2010 10:04:25 PM 426 Views
Not if the doctrine of election applies. - 14/10/2010 10:14:07 PM 868 Views
Are we not talking about credit companies going after people who owe them money? - 14/10/2010 10:18:47 PM 917 Views
Yeah, I guess we are. - 14/10/2010 10:28:40 PM 949 Views
Re: - 14/10/2010 03:09:18 AM 905 Views
I am currently in that situation... - 14/10/2010 05:03:23 AM 1009 Views
Re: I am currently in that situation... - 14/10/2010 05:49:24 PM 1232 Views
it is easy for me and others to be glib when it is just a theory *NM* - 14/10/2010 08:19:16 PM 414 Views
If you have the ability to pay, I would consider it yet another immoral act in an immoral industry. - 14/10/2010 07:49:38 AM 925 Views

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