Friday, February 18, 2011

How to prevent irresponsible people during a mortgage crises?

Ironically, be more like the Spanish. I'm sick of having my tax money cover all those irresponsible people who decided not to pay back their mortagage because they have nothing on the hook. Those also tend to be the speculative investors and $30k millionaires who should have no business even near a mortgage.

In Spain, banks can take ALL of your assets if you fail to pay back your mortgage, including future salary. I'm sure that'll dismay some investors I know. WTf do you mean, yeah, I short selled on my place in Arizona, but I'm looking at other investment properties in Sf?! God, I should NOT have to pay taxes to cover their ass...

NPR Article

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