Re: Henry CK Liu on debt forgiveness
Honestly folks, were not really here to debate morality; who is right or who is wrong..... Whats happened has happened... I think everyone agrees that shit happened.... The question now seems to be that after the royal clusterfuck, what do you do????
Everyone in this rigged game may be culpable; but after the smoke has cleared, the music has stopped, the lights turned on; and John Q public rubs the haze from his eyes after a decade of drunken debauchery, he seems to be the one with no pants on.... Seems the bankers made off with all the loot.... Bankers have been made whole and main street got the shaft....
Let those mortgages be only collectible against the RE they are collateralized against... ie. make all mortgages non-recourse. Banks get the property, people are debt free..... Seems like a fair trade...
As for bank losses, fuck'em they got the property... They should know better than to give loans for no collateral, and if you say there was collateral.... Well, now there ain't, bank took a risk, deal with it; last i checked they were a for profit (ie. also loss) entity.
Honestly folks, were not really here to debate morality; who is right or who is wrong..... Whats happened has happened... I think everyone agrees that shit happened.... The question now seems to be that after the royal clusterfuck, what do you do????
Everyone in this rigged game may be culpable; but after the smoke has cleared, the music has stopped, the lights turned on; and John Q public rubs the haze from his eyes after a decade of drunken debauchery, he seems to be the one with no pants on.... Seems the bankers made off with all the loot.... Bankers have been made whole and main street got the shaft....
Let those mortgages be only collectible against the RE they are collateralized against... ie. make all mortgages non-recourse. Banks get the property, people are debt free..... Seems like a fair trade...
As for bank losses, fuck'em they got the property... They should know better than to give loans for no collateral, and if you say there was collateral.... Well, now there ain't, bank took a risk, deal with it; last i checked they were a for profit (ie. also loss) entity.
Comment