Quote:
Originally Posted by filtherton
Strategic defaults aren't stealing, so your questions don't really make sense.
|
Why do you think this isn't stealing? You borrowed money from the bank. You have the financial means to pay the bank back but you choose not to. The bank doesn't get its money back. I don't see that as any different than robbing the bank.
Quote:
Originally Posted by filtherton
Further, if they're doing their jobs, they should be charging interest rates at levels set to absorb my default and make a profit on their collection of loans in the long run.
|
I think banks do factor losses into their interest rates. So far, I don't think they factor in large numbers of people defaulting on loans. Why should banks raise interest rates even higher because you and others don't want to pay back their loans?
Quote:
Originally Posted by filtherton
I think it's interesting how some folks sense of personal worth and responsibility are extended to agreements with organizations designed to squeeze from them every last drop of available money.
|
That's why in the cases where I took out a mortgage and a car loan I read the agreement and made sure I understood it. I had a lawyer at my closing to ensure things were done right. If I signed the agreement, then the bank agreed to loan me the money and I agreed to pay it back. Corporate nonpersonhood notwithstanding, I made a commitment I have to keep.