Mortgage Bankers Assoc. Defaulted

http://www.ritholtz.com/blog/2010/02...saway-from-hq/
And they only put 5% down.

Here's the Daily Show's take on this.
http://www.thedailyshow.com/watch/th...closure-crisis

Of course, when a business/bank defaults on their mortgage, it's called a "strategic default."

When it's an individual or family, it's "they're not living up to their moral obligation."

Oh, the irony! Great video. :)

Quote:

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Originally Posted by partyhardy

Of course, when a business/bank defaults on their mortgage, it's called a "strategic default."

When it's an individual or family, it's "they're not living up to their moral obligation."

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That's right up there with "If you're UN-employed, you must be a lazy bum. Get off the couch and go find a job."

Quote:

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Originally Posted by partyhardy

Of course, when a business/bank defaults on their mortgage, it's called a "strategic default."

When it's an individual or family, it's "they're not living up to their moral obligation."

---

So accurate! Thanks.

Echoing partyhardy's post, I've said for many years that when a corporation or mega-rich person declares bankruptcy, there's no longer any shame or embarrassment to it - it's just another business maneuver. Another way to wrangle out of paying debts. Often to preserve the wealth of the corporate officers. Whether or not it's truly a bankruptcy. When our hard-working middle class citizens declare bankruptcy, in the truest sense of the word, as partyhardy said, they're castigated for not 'living up to their moral obligations'. If you got the money, you make the rules.