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appamado amata padam Donating Member (301 posts) Send PM | Profile | Ignore Sat Sep-19-09 10:25 PM
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34. We are rapidly descending
into economic survivalism. I have been told that "I may be called for a second interview," or "may be put on the short list," or "my name will be given to HR" for $9 or $10/hr jobs. I feel grateful to not have kids to support, or a mortgage. If these people have weighed all their options, and have decided that this is what they have to do to avoid a bloodbath, I don't have too much problem with it...
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  -Homeowners who 'strategically default' on loans a growing problem Liberal_in_LA  Sep-19-09 06:06 PM   #0 
  - I'd speculate that they better know the true value of both money and credit.  kristopher   Sep-19-09 06:10 PM   #1 
  - They do... at some point the balance 'underwater' exceeds the pain of 7 years bad credit.  Liberal_in_LA   Sep-19-09 06:11 PM   #2 
  - What psychological device did they use to deteremine intent?  Xipe Totec   Sep-19-09 06:19 PM   #3 
  - They are still paying their other bills?  Liberal_in_LA   Sep-19-09 06:21 PM   #4 
  - So, they don't have enough money to pay all their bills  Xipe Totec   Sep-19-09 06:27 PM   #5 
     - Or they might have plenty of money to pay ALL of their bills, including the mortgage.  pnwmom   Sep-19-09 08:46 PM   #22 
     - For the working poor, a home is their greatest treasure.  jasi2006   Sep-20-09 06:21 AM   #49 
        - If you owe $10,000 and can't pay, you're in trouble  izquierdista   Sep-20-09 03:37 PM   #59 
        - Excellent post. n/t  chill_wind   Sep-21-09 12:57 AM   #68 
        - I know a person who works for Wells F  MARALE   Sep-22-09 09:32 AM   #85 
     - Umm, that's not at all what's being revealed here.  kegler14   Sep-19-09 10:16 PM   #33 
     - They Have Money to Pay - And Don't  NashVegas   Sep-21-09 07:21 PM   #73 
  - You look at their past payments and bank statements  gravity   Sep-19-09 07:42 PM   #17 
  - It's a "business decision"  DoctorMyEyes   Sep-19-09 06:29 PM   #6 
  - Logical. If corporations have the same rights as individual people. Then vice-versa should be equal  Deja Q   Sep-19-09 07:08 PM   #12 
  - Yep, just becuz we have blood running though our veins  truedelphi   Sep-19-09 09:00 PM   #25 
  - Exactly..  sendero   Sep-21-09 08:48 PM   #76 
  - They're just now figuring this out? HELLO?!  Roland99   Sep-19-09 06:42 PM   #7 
  - FICO and other scoring weighs heavily on open credit  Ruby the Liberal   Sep-19-09 06:42 PM   #8 
  - Which can be ANYBODY thanks to this "new economy" of middle class jobs vanishing,  Deja Q   Sep-19-09 07:09 PM   #13 
  - I saw a job ad the other day that wanted inside sales (telemarketing)  Ruby the Liberal   Sep-19-09 07:15 PM   #15 
  - I see those too.  juno jones   Sep-20-09 12:20 AM   #44 
  - Good point. n/t  Grateful for Hope   Sep-19-09 10:57 PM   #36 
  - Actually the right usually attacks the poor.  superconnected   Sep-20-09 03:58 PM   #61 
  - Just better at arithmetic  pscot   Sep-19-09 06:59 PM   #9 
  - They're idiots too.  flvegan   Sep-19-09 07:07 PM   #10 
  - Apples and Oranges  ArcticFox   Sep-19-09 10:46 PM   #35 
     - Not in some states, thank you.  flvegan   Sep-19-09 11:12 PM   #39 
        - Depends on the market.  Xithras   Sep-20-09 02:45 AM   #47 
        - No  Robb   Sep-20-09 08:47 AM   #53 
  - Looks like the Ken Lay chick started a trend:  Deja Q   Sep-19-09 07:07 PM   #11 
  - It would be informative to correlate those results with  Trillo   Sep-19-09 07:12 PM   #14 
  - You mean there was a housing bubble? Wow, what breaking news.  Dreamer Tatum   Sep-19-09 07:36 PM   #16 
  - Very disappointed in DU responses to this.  Robb   Sep-19-09 07:47 PM   #18 
  - This is big out in Cali  Alcibiades   Sep-19-09 08:02 PM   #19 
  - People who "strategically default" haven't necessarily been living beyond their means.  pnwmom   Sep-19-09 08:54 PM   #23 
  - I don't think it's as simple as that.  morillon   Sep-19-09 11:08 PM   #38 
  - "Simply choose not to" is where you run into trouble.  Robb   Sep-20-09 08:39 AM   #52 
  - A deal is a deal; it's morally wrong  PurityOfEssence   Sep-21-09 06:40 PM   #71 
     - Interesting.  Robb   Sep-21-09 08:43 PM   #75 
     - Because that wasn't the deal  PurityOfEssence   Sep-21-09 11:50 PM   #79 
        - That was exactly the deal.  Robb   Sep-22-09 07:40 AM   #81 
     - Moral integrity is a two-way street, and corporations make fetish out of their lack of it.  bemildred   Sep-21-09 09:11 PM   #78 
     - We have met the enemy, and he is us  PurityOfEssence   Sep-22-09 12:00 AM   #80 
        - There is no "personal obligation" here, and banks never feel any "personal obligation" either.  bemildred   Sep-22-09 08:34 AM   #82 
     - Morality and the law are not the same thing.  The Stranger   Sep-22-09 10:00 AM   #87 
     - +1 n/t  Scout   Sep-22-09 11:43 AM   #88 
  - Plus it really was the banks resposnibility to figure this out  truedelphi   Sep-19-09 09:03 PM   #26 
  - I won't defend the practice, but as some wrote upthread, it's a "business decision"  Gormy Cuss   Sep-20-09 02:01 PM   #57 
  - It's called cutting your losses.  tinrobot   Sep-19-09 08:26 PM   #20 
  - What about the people who walk away when the market goes down -- even  pnwmom   Sep-19-09 08:56 PM   #24 
  - There is no difference.  tinrobot   Sep-20-09 06:06 PM   #64 
  - I am in that place right now  laughingliberal   Sep-19-09 09:19 PM   #28 
  - Exactly. But I put the blame where it belongs. The banks  Fire1   Sep-19-09 10:07 PM   #31 
  - Speculators by any other name.  chill_wind   Sep-19-09 08:34 PM   #21 
  - Alot of times its better to have money and bad credit, than no money and good credit  Jack_DeLeon   Sep-19-09 09:07 PM   #27 
  - I'd RATHER have money and bed credit. If I had the money I  virgogal   Sep-19-09 11:15 PM   #40 
  - In almost all states EXCEPT CA the bank can go after the  kelly1mm   Sep-19-09 09:36 PM   #29 
  - But that liability is discharge in Chapter 7 Bankruptcy  happyslug   Sep-19-09 10:11 PM   #32 
     - Correct - that's why lenders have not gone after mortgagees for  kelly1mm   Sep-19-09 11:02 PM   #37 
        - a**hole son.. I hope he's renting a nice place for his mom  Liberal_in_LA   Sep-20-09 12:22 AM   #45 
        - If the house was paid off,  shimmergal   Sep-20-09 01:24 PM   #56 
        - 3 houses - "Moms", his 400k house, his 265k house. Sorry I  kelly1mm   Sep-20-09 02:22 PM   #58 
           - What is the deal with jewelry and art under these circumstances?  PassingFair   Sep-22-09 08:53 AM   #84 
        - The real question is the raw sewage debt investment industry  Sen. Walter Sobchak   Sep-20-09 05:46 PM   #63 
           - Hard to go after debtors for default loans...  JayNYOne   Sep-24-09 08:42 AM   #89 
  - Bankster/Gangsters write the rules.. and our servants in Congress rubber stamp them..  lib2DaBone   Sep-19-09 10:04 PM   #30 
  - Since the federal minimum wage is $7.25 per hour as of 7/24/09  kelly1mm   Sep-19-09 11:35 PM   #41 
     - Not for many fields still, including farm labor and waitress.  superconnected   Sep-20-09 04:07 PM   #62 
     - You are correct as to farm labor and server positions. However  kelly1mm   Sep-21-09 02:46 PM   #70 
     - You are correct as to farm labor and server positions. However  kelly1mm   Sep-21-09 02:53 AM   #69 
  - We are rapidly descending  appamado amata padam   Sep-19-09 10:25 PM   #34 
  - something is afoot  shellgame26   Sep-19-09 11:42 PM   #42 
  - Yeah, just like they strategically got laid off as well.  Javaman   Sep-19-09 11:48 PM   #43 
  - This was me  electricray   Sep-20-09 02:43 AM   #46 
  - great story  Liberal_in_LA   Sep-20-09 03:01 AM   #48 
  - Yep, staying in an overpriced home is not a winning financial strategy.  glowing   Sep-20-09 08:26 AM   #50 
  - The banks "strategically" fuck homeowners ate every opportunity  alcibiades_mystery   Sep-20-09 08:37 AM   #51 
  - Yes, banks do not hesitate to sell loans, accelerate payments, change  mbperrin   Sep-20-09 08:56 AM   #54 
  - "Buy And Bail" was becoming a trend as well  Rage for Order   Sep-20-09 10:15 AM   #55 
  - heard for 'buy and bail', didn't know lenders had changed guidlines to combat  Liberal_in_LA   Sep-20-09 03:43 PM   #60 
  - Good new guideline. There's a big difference between  chill_wind   Sep-20-09 11:53 PM   #66 
  - if people know they will go under, they will not pour good money after bad  dugaresa   Sep-20-09 08:11 PM   #65 
  - Except that it isn't the banks who pay and suffer for the deadbeats  chill_wind   Sep-21-09 12:51 AM   #67 
     - It is Congress that is fucking us.  bemildred   Sep-21-09 06:42 PM   #72 
     - The sound decision was to not buy a house during the top of the market  high density   Sep-22-09 08:41 AM   #83 
        - The two things are not mutually exclusive.  bemildred   Sep-22-09 09:41 AM   #86 
     - Blame Obama and congress..  sendero   Sep-21-09 08:51 PM   #77 
  - This means they are smart enough to look out for themselves  Generator   Sep-21-09 08:36 PM   #74 
  - I wonder if this isn't a meme to paint people in foreclosure as somehow 'cheating'?  Matariki   Sep-24-09 11:27 AM   #90 

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