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Originally Posted by dogzilla
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.
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Well, when you steal something, you typically take it without its owner's permission. When you enter into a loan agreement, part of that agreement is that if you fail to repay, the bank gets your shit. That's the agreement. How is failure to repay equate to stealing? If I loan you money and we agree that if you fail to pay me back, I get something of yours and you then fail to pay me back, that doesn't mean you stole that money from me. I gave it to you knowing full well that you might not pay me back. It's not really stealing, though you can call it that if it makes you feel morally superior.
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Why should banks raise interest rates even higher because you and others don't want to pay back their loans?
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To cover their expected losses, of course. Hopefully, your credit score will help the bank decide whether you're a risky bet or not.
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Corporate nonpersonhood notwithstanding, I made a commitment I have to keep.
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That's the thing, you agreed to let them repo your stuff if you failed to repay. That's the commitment you made. Stop paying, let them take the house, and you've still met your commitments.