Robert
Buffalo,#2Consumer Comment
Wed, June 11, 2008
You're a mortgage lender and you loan someone $100,000 to purchase a home. 2 years later, the "fair market value" of the same home is now only $75,000 but the outstanding principal on the loan is about $85,000. Do you think you would accept $75,000 as full payment for the $85,000 you're still owed? I think not. Yet, that is what it appears you think lenders should do. Heck, with that logic, I could sell-short some stocks and tell the broker, hey not my fault, take what the current market is and call it even-steven. Some folks make BAD FINANCIAL INVESTMENTS, and the rest of us, plus the creditors, are expected to absorb their losses. Never mind that MOST some folks such as myself waited decades to be able to afford the properties that we are paying for and thoroughly researched MARKET TRENDS before agreeing to some of the rediculous mortgages that some folks have agreed to.