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Loan Modification

: Mortgage Lender Implode-o-Meter

Double Standard: Of Morals and Mortgages

By Implode-Explode Heavy Industries

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" You've probably heard that a high-profile realty group that had agreed to pay $5.4 billion for a New York City housing complex just announced it was not going to make good on its loans. You might describe the (former) owners as misguided, stupid, or unfortunate. You probably wouldn't think of calling them immoral. So why is the average homeowner's decision to walk away or keep up with the payments on an underwater mortgage considered a moral issue?"

Full post as published by Mortgage Lender Implode-o-Meter on January 26, 2010 (boomark / email).

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