I felt like Sixty Minutes COMPLETELY IGNORED the other side of the home foreclosure discussion with their Strategic Default hit piece against well to do homeowners.
What is the point in staying in ANY home that is upside down if years later the bank will not let you access the home equity line that you may have built up by staying in the home, and making payments until the home was no longer upside down?
The homeownership carrot of a home equity line has been taken away by the same banksters that have also stolen bailout money and kept it for their own bonuses. These same entities may also be using their huge bonuses as seed money on wall street to suck you back into investing!
Sixty Minutes focused their story on "Strategic Defaults" as if these homeowners are thieves, and as if these homeowners are a huge contingent!
If the banks and government banking regulations can take away a homeowner's option to use their own home as their own survival equity bank when times are tough, why should a homeowner keep their word years earlier when the home may be upside down?
NOBODY in the media is talking about the banksters stealing homeowners down payments and their built up equity via foreclosure, instead, the news focuses on strategic defaults and all the "upside down" homes, as if that is the only issue on the table.
2 comments:
I don't understand... Why is it so wrong for the American people to make a wise financial decision to back out of a "good deal" when it's no longer a good deal. Big Business Boobheads do it every day. They chalk it up to "just doing business". Now that the American people are willing to stand up for themselves and say NO, this has got to stop. I'll do what's best (financially) for my family... it's wrong. Give me a break. It's JUST BUSINESS Mr. Banker
The ethical case can be made that people who can afford a mortgage payment should probably not walk away, and that eventually the home will probably not be upside down.
However, ethics cannot be honored if only one side is being ethical. Right now the banks are NOT being ethical. so I don't blame anyone for strategically defaulting.
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