Quote:
Originally Posted by filtherton
It doesn't matter whether the risk was unreasonable or not. They took it and it's blowing up in their face.
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The person who took out the loan also accepted the risk and had it blow up in his face. To skip out on a loan because the value of your purchase is less than the loan balance is immoral. To expect others like the taxpayers or investors to eat the loss for this reason is immoral.
If this sort of thing was acceptable, then why doesn't everybody do it for new car purchases? The line I hear frequently is that a new car's value drops significantly when you drive it off the lot. So the new car owner is already in the red from day 1.
The person who takes out a loan is responsible for repaying the loan. I was raised to honor my commitments. I guess times have changed. Free houses for everyone. Thanks Obama.