Comments Posted By Steven
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SECURITY BREACH AT US NUCLEAR WEAPONS SITE IN BELGIUM
As someone who used to guard nuclear missiles at a facility in central Bavaria (that looked strikingly similar to this one) I just want to say - HOLY SMOKES! Security sure has become lax in the twenty years since I was in the military.
Comment Posted By Steven On 6.02.2010 @ 11:24
THE ETHICS OF 'WALKING AWAY' FROM YOUR MORTGAGE
If it is immoral for a debtor to walk away from a house that has dropped in value, isn't it equally immoral for a bank to hold the debtor responsible for a loan that doesn't reflect the value of the loan's security?
Morality in this instance, is not a one way street. Home owners WANT to keep their homes, but when a bank refuses to lower the principal on the loan, or modifies the loan by lowering the interest by a quarter point, but then extends the life of the loan by ten years so that MORE is paid in the long run, it is not financially feasible to keep the home. That is what is happening and it is simply greed on the part of the banks. So then I ask, is greed moral?
In recourse states, is it moral for the bank to get their security, i.e., the house, through a foreclosure, AND get a deficiency judgment against the debtor? Bankruptcy is the ONE recourse the debtor has. The bankruptcy code allows the value automobiles to be "crammed down" to reflect their true value, but explicitly EXCLUDES mortgages from being crammed down. Is that moral? Go talk to Barney Frank and the other geniuses in Congress who thought it was a good idea to change the mortgage rules so that someone earning $12 per hour could get a $100k mortgage.
This is business. Yes, my neighbor's foreclosure effects me, but then, I should have been smart enough to not buy a home in an over valued neighborhood to begin with.
Comment Posted By Steven On 6.02.2010 @ 11:43
DANCING ON THE GRAVES OF BLACK PEOPLE
Great article. It is so refreshing to read the truth.
Comment Posted By Steven On 9.09.2005 @ 21:25
