 OK.... Sorry for not putting together a post in quite a while... A lot going on at the workplace. This company is called "You walk away," and specializes in helping people stiff banks by as much and for as long as possible. I can't believe it... I wish I had the gross lack of morality that it takes to dream up something like this. You can find the link to the actual site here. Walk Away | ||||||
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Friday, February 1, 2008
This week's sign of the apocalypse
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7 comments:
O...M...G...
Oh, didn't you know? Those who lend people the money to buy homes that they couldn't otherwise have are the bad guys, not the people who lied on SISAs or who one day decide that they shouldn't have to repay the money that they borrowed in good faith.
I guess it won't be until banks just totally stop lending people money for homes that these idiots finally understand.
Actually, I've seen/heard similar ads for credit card debt. These aren't exactly the sorts of things that I would do to address a credit crunch, but what do I know?
Don't usually respond to the blogs I read, but I just have to say that this type of business should be outlawed.
I believe that taking on a debt that you don't have any intention of repaying is fraud, lying on an application to inflate a lender's perception of your ability to pay is fraud (whether your mortgage broker helped you or not)and sites like these are aiding and abetting Fraud.
If I'm a lender, I want a MINIMUM 10% downpayment.... at least this will make it sting a little when people ("walk away").
BTW... I have enjoyed your blog for quite some time, and I like to take a look at how "dead on" a lot of your analyses of the economy were a year ago.
I hope you put your money where your mouth was... you could have made a pretty penny with the right bets!
Right on.... I particularly like your post on how we were headed into a recession on May 11 of last year.
Looks like you were a bit further ahead of the curve than most.
This might be of interest:
Link
It seems that one of the first things needed is a better credit rating system. A foreclosure or bankruptcy should have a permanent significant effect on one's credit, not a 2- to 3-year effect. I also think that in such cases, wages should be garnished.
In response to what _k just said, I absolutely agree that we need a better credit rating system. How can a foreclosure be erased in a few years, but the mistake my insurance company made over a $300 hospital bill will be on my credit report for 7 years?
Why do the three credit reporting companies have different systems for credit rating - and why isn't there any disclosure about how exactly credit scores are calculated?
More and more I get the sneaky suspicion that our elected government officials don't actually work for us...
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