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The Morality of Loan Payments

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As far back as 2004 the F.B.I warned of an epidemic of mortgage fraud and yet boosters were promoting the real estate industry through 2008 with rosy predictions that proved false. Some of those same boosters (who want you to believe you are immoral if you default on a loan) have decided to walk away from their homes. Based on their own actions they have zero moral authority over your actions:

The government is heavily invested in seeing the banks get the better end of this situation (of their own making!) even if it impoverishes you in the process. Only you, in consultation with an attorney and CPA, can make a business decision on whether to attempt to renegotiate and/or walk away – that is, what the best business decision is for you – and only you. Make that decision not based on the bleating claims of morality among those who either intentionally misled you or sat silently while firms and individuals over whom they had regulatory authority did so, but rather strictly as a business decision. After all – they both did a few years ago and are again – here and now – today.

This William K. Black interview does a nice job of explaining the modern system of banking fraud.

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April 12th, 2009 at 6:33 am

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