[FoRK] NYT: BIggest Defaulters on Mortgages Are the Rich; The Power of Half

Aaron Burt aaron at bavariati.org
Mon Jul 12 11:18:21 PDT 2010


On Sat, Jul 10, 2010 at 02:55:26PM -0700, Stephen D. Williams wrote:
<snip>
>> "[the rich] may be less susceptible to the shame and fear-mongering used by
>> the government and the mortgage banking industry to keep underwater  
>> homeowners from acting in their financial best interest," Mr. White 
>> said.

"The devil wipes his breech with poor folks' pride" - Ben Franklin

Americans have some perverted relationships with money, and there are
plenty of folks happy to take advantage of that.  It's amazing how many
people are beating themselves up to keep houses they can't afford.
It's a contract, not a marriage.  (Mind, a default has consequences
for some professions.)

<snip>
>> Or your child may wonder why you have twice the home you need. Kevin  
>> Salwen and his wife were so taken by their daughter’s conviction in  
>> this particular matter that their family of four decided to sell their  
>> 6,500-square-foot home. They bought a new one less than half the size  
>> and are giving away about $850,000, more than the price difference  
>> between the homes.

As a happy co-owner of a house 1/8 that size, I say, "Good for them!"




More information about the FoRK mailing list