Posts tagged as:

foreclosure

Could the Mortgage Mess Crater the Economy

October 18, 2010

This past weekend, I did extensive reading on the mortgage situation. Before digging into it, I assumed the situation could be narrowed down to sloppy administrative procedures by the banks. Foreclosure specialists approving 10,000 requests a month led me to believe it was just an overwhelmed system. After this weekend, it could be much worse [...]

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Just Cause the Banks are Idiots Doesn’t Mean You Can Stop Paying Your Mortgage

October 15, 2010

As I am sure you have heard or read, the banks have not been following the proper procedures for the foreclosure process. Some bank employees have been approving over 10,000 foreclosures a month. This means that the employee has merely been signing his name 10,000 times because it is physically impossible to research the title [...]

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Despicable Default Behavior

June 2, 2010

I have stated several times here and elsewhere on the web that a homeowner should have no remorse from defaulting on a mortgage if it makes economic sense. The mortgage is a contract, not an oath or vow. Contracts cover all actions including non-payment. So, if you are way underwater on a house and renting [...]

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PBS Special on Strategic Defaults

April 24, 2010

Nice segment from PBS about strategic defaults on mortgages (tip of the hat to Barry Ritholtz). If you have been reading my blog, you know that I am all for a strategic default when it makes sense. Too many Americans have this view that it is immoral to walk away from a mortgage. These folks [...]

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