Mark in SF

Are Home Prices Still Too High?

"People who jumped into houses with no risk"

Ask yourself this: What kind of idiot lends somebody money when they have no skin in the game? Of course they are going to default if it doesn't pan out for them. You says no-recourse is "bad enough" but that is what it means to be a SECURITIZED LOAN. This is what businesses do every single day when they can't meet obligations. It's capitalism 101.

What you fail to see is this: If it's not a cram down, it will be a 100% loss. The borrower will not pay. This is not Russia, but what you seem to want is 18th century England when we had debtors prisons.


On Jan 02 08:06 AM nobull wrote:

> The forced loan modifications by judges is what scares and disgusts
> me the most. Thats worse than Russia. People who jumped into houses
> with no risk had the option of walking away from a loss and sticking
> the bank with the loss with the loss. As if that wasnt bad enough,
> now they also get rewarded for it.