Wall Street Journal votes for free market regarding foreclosures

Review of WSJ Story on Foreclosure here at Credit Slips

This is my take on the WSJ Story

Simple minded drivel from this WSJ Story. I have heard so many people reveal their ignorance by saying such things. If he was a professional reporter, that would mean actually doing some research on the origins of the housing crisis before writing about it.


I have no interest in hearing anyone cry about free market solution after we paid everyone and their brother on Wall Street for bringing the economy to its knees.

The truth is most people are making a smart business decision to walk away from a home with a 200% LTV. I don't know how many times the banks and brokers what to get paid for this debt. The all were paid to sell the paper, then paid by the government to prop up their balance sheets and now they want to collect full value from the home owner.

There is no slippery slope of strategic default. It is an option that comes with the contract. The problem is that the negative stigma attached to a default makes most people think they have no leverage with the banks. The Reality is that anyone can renegotiate with the bank at anytime and they can leave any time.

The banks have done very well by having people fell so obligated to fulfill their contracts. Even know with people 50 % under water, nearly all of them are trying to keep up with payments.

People just seem to get such a righteous attitude when it comes to housing. I don't remember any news calling Donald Trump a dead beat when he went bankrupt, so why the double standard.

Who in their right mind would turn to Wall Street as their guiding moral compass.? Talk about Dead beats.

Well ok now finally, everyone needs to remember that the banks willingly appraised the property for the amount of the mortgage. They willingly took the property at a much higher price as collateral. It is fair game to give them back the keys.

The banks have been running the country for some time now. And we need to shift the balance of power.

Simple minded drivel from this WSJ Story. I have heard so many people reveal their ignorance by saying such things. If he was a professional reporter, that would mean actually doing some research on the origins of the housing crisis before writing about it.

I have no interest in hearing anyone cry about free market solution after we paid everyone and their brother on Wall Street for bringing the economy to its knees.

The truth is most people are making a smart business decision to walk away from a home with a 200% LTV. I don't know how many times the banks and brokers what to get paid for this debt. The all were paid to sell the paper, then paid by the government to prop up their balance sheets and now they want to collect full value from the home owner.

There is no slippery slope of strategic default. It is an option that comes with the contract. The problem is that the negative stigma attached to a default makes most people think they have no leverage with the banks. The reality is that anyone can renegotiate with the bank at anytime and they can leave any time.

The banks have done very well by having people feel so obligated to fulfill their contracts. Even now with people 50 % under water, nearly all of them are trying to keep up with payments.

People just seem to get such a righteous attitude when it comes to housing. I don't remember any news calling Donald Trump a dead beat when he went bankrupt, so why the double standard.

And finally, who in their right mind would turn to Wall Street as their guiding moral compass. Talk about Dead beats.

Well ok now finally, everyone needs to remember that the banks willingly appraised the property for the amount of the mortgage. They willingly took the property at a much higher price as collateral. It is fair game to give them back the keys.

The banks have been running the country for some time now. And we need to shift the balance of power.