A study shows that people who abruptly and intentionally abandon their mortgages often have high credit scores, in stark contrast with most financially distressed borrowers.
Reporting from Washington - Who is more likely to walk away from a house and a mortgage -- a person with super-prime credit scores or someone with lower scores?
Research using a massive sample of 24 million individual credit files has found that homeowners with high scores when they apply for a loan are 50% more likely to "strategically default" -- abruptly and intentionally pull the plug and abandon the mortgage -- compared with lower-scoring borrowers.
National credit bureau Experian teamed with consulting company Oliver Wyman to identify the characteristics and debt management behavior of the growing numbers of homeowners who bail out of their mortgages with none of the expected warning signs, such as nonpayments on other debts.
LINK HERE
I was out all day today malls packed restarants open and busy. suvs still blowing around, credit is still flowing, I guess, can anyone answer? I heard the banks were trying to get their money back from people..not happening, the party continues.
ReplyDeletepeople with good credit are sick of having to pick up the slack for those, who dont. so they are doing what everyone who is irresposible is doing with their mortgage.
ReplyDeleteI heard they are taking delinquents paychecks finally, this may all end soon.people need to pay their bills.
ReplyDeleteScrew your bills. The Fed doesn't pay their bills why should we?
ReplyDelete6:55 YOU ARE THE PEOPLE YOU WARN US ABOUT! PAY YOUR BILLS,AND WE CAN AVOID THE COMING.. YOU ARE NOT A TEENAGER, .LOL.
ReplyDelete7:02 if people revolted and DID NOT pay their bills, then the Federal Reserve that issued these fake dollars to make everyone a debt slave, would be abolished. Let the system FALL. Reset back to ZERO.
ReplyDeleteLet them default. Then kick their ass into the street for not paying. Then, let the stupid lender eat the loss (if any loss is actually involved). Let them jingle mail the keys back, with a note saying "We knew all along we could not afford this, but you were so stupidly insistent to lend us the money, so its your own fault as well as ours". After all, its our God given right to keep up with the Jones's". "You greedy bankers INVENTED ALT-A/Interest Only/Liar, liar, pants on fire/ARM and ARM's of all sorts of ARM's"----AND NOW, we are "ARM'd and dangerous, as we are snatching out the appliances, and pouring concrete down the toilet, and cutting out the copper, and whatever else we can think of, and waiting on the Deputy to come with the notice".
ReplyDelete"So you thought people as stupid as us would be too stupid to trash the house?"
7:02 some people sleep better at night doing the right thing, your plan will not work. there are more hard working good people in the world, then misfits, and anarchists.
ReplyDelete7:19 that's why they KNOW that they can take advantage of YOU. These Bankers know that they can do whatever they feel like to the pheasants
ReplyDelete7:18 banks are nameless and faceless. It reminds me of ww2germany, "we were just following orders" so if you go after the banks, you must go after the employees who were "following orders" its a never ending circle of finger pointing. pay your bills, get out of your car house etc. loan and start over.
ReplyDelete7:22 some people live modestly, and within their means. NO ONE TAKES ADVANTAGE OF PEOPLE LIKE US, we control our destinys financially.I hate bankers and what they did, I hope they round them up and punish them. but I get more freedom from doing the right thing. I advise everyone to pay their bills , close their credit cards, and live within their means,that will show them. you cant beat the house , the house always wins.
ReplyDelete@7:30--good words! I want to repackage one of your remarks:
ReplyDeleteYou can't beat A house that is paid for! That house always wins!.
@7:26 I am totally 1000 percent debt free. As I like to say: "I don't owe a son of a bitch a dime for nothing"
ReplyDeleteI was personally just on a rant.
Sincerely,
7:18
alot of people thought they would see change with the new presidential admin, clearly it is not the case , no trickling down of the money, hollywood and the celebs that voted for this are still partying like rock stars, in mansions cars parties, free stuff etc. the admin and the hollywood crew are laughing at all the suckers who voted .you got punked.
ReplyDelete7:30 sounds good.
ReplyDelete7:18 Its all around very frustrating, I like the rants here, they are humorous. I just pray for this country. I feel the moral fabric of this country is deteriating because of "STUFF." I just hope everyone gets back to basics.pay the bills, modesty, and treat everyone with kindness.There are some good bankers and people who did not engage in this greed, so its all case by case.
ReplyDeleteAnarchy is the future: embrace it.
ReplyDeleteanarchists are those who dont want to work, there are plenty of jobs in the usa, once I see "illegals" packing bags, getting kicked out of the country , I will rethink my stance, right now I still see them employed, and making enough $$ to live and have a family.
ReplyDeleteIf there are plenty of jobs we wouldn't be having massive unemployment, duh! Anarchists don't want to work under an oppressive system, whereas those living in oblivion--like you--consuming and slaving away to the forward march don't see a problem with it.
ReplyDelete10:54 life is tough, no doubt, if you travel abroad you will see even the poorest of americans are considered rich in other countries of the world. For some work is a joy,it is not oppressive and slavery. it feels great at the end of the day to know you have accomplished something, and contributed to society. Many jobs americans dont want to do, arent that bad, they pay, their employees are fit, and have steady work hours, all I am saying is there are JOBS, people just dont want to work like some "illegals" who are saving and now have money to spend.
ReplyDeletePeople can "work", contribute to society, help others, better themselves, create, and live joyous lives and STILL not have to work for a fat Corporation or some boss they don't like. The 40 hour work week where you punch a card or draw a salary has been socially ingrained in every American's head to the extent that if you don't work 8-5, drive a certain type of car, and live a certain lifestyle then there must be something wrong with you.
ReplyDeleteBut living within one's means, raising one's own food, or hunting it, and other self-sustaining manual labor or forms of activity is all frowned upon. People believe they must typically work for OTHERS and in doing so are entitled to have things provided to them BY OTHERS. That's the only way it can be, of course! I believe that will change to an extent. Barely anyone knows how to change a tire anymore, much less their own oil. Alternative lifestyles will present themselves as opportunities to us increasingly in the future. For those still stuck on the notion of slick cars, corporate jobs, and always getting served, the future may be a rude awakening. Time to get past the typical notion of working hard, keeping good credit, and living the American Dream because the American Dream has always been an illusion. The American Pyramid Scheme is cashing in its last chips. To go beyond the failed system will require learning to do things yourself. Can Americans do it?
@11:33 I could not have said it better myself. The American Dream was realized by many of the baby boomers generation. Good job, company retirment pension, debt-free at 55, nice (affordable) home paid for. People like us bought homes for 18,000 to 25,000 dollars in 60's and 70's and paid them off while improving them to good standards of living and staying in them.
ReplyDeleteTodays McMansion lifestyle is unsustainable.
LOL--Jumbo Mortgages!! What a laugh.
America was exploding in that period: with the expansion of cities into suburbs, the population exploding, and cars, cars, more cars. THAT lifestyle was not ultimately sustainable either. It was merely the front end of the curve before the slide. The golden sunlight before the cliff going down. But after the dishoveling, American Culture will be reconfigured out of necessity.
ReplyDelete