Morgan Stanley's Strategic Default. You Can Strategically Default Too!
Those finance companies who are always making you feel guilty when you walk away from mortgages do not have a leg to stand on anymore. Morgan Stanley, the behemoth investment banker, was current on 5 mortgages to 5 towers in San Francisco, yet walked away from them because the buildings were not worth what they paid.
If Morgan can walk away because it makes economic sense, then you can do the same with your under water house! Your family comes first, just as Morgan Stanley shareholders come first for them. It is time to walk and walk and walk away because it makes good economic sense in this deflationary time. I have a little cheer in all this, a comment and a poem from my post at Seeking Alpha to make you feel better about your decision:
"If you take the wealthy versus the rest of us, the wealthy have their houses paid for although they are losing value at the fastest rate. There are no bailouts for million dollar houses.
That will be very bad for California as people strategically default, following the lead of Morgan Stanley. Morgan Stanley defaulted on 5 San Francisco towers even though they were current on the mortgages because it made no sense for them to carry these properties that were worth less than for what they bought them.
Word is getting out. You don't think this will effect the housing prices almost everywhere? People are just starting to realize that there is no shame in walking away from a loan that makes no economic sense. That will be a deflationary excercise nationwide, and will mimic Morgan's commercial jingle mail.
Jingle mail
Jingle mail
Jingle all the way
Oh what fun Morgan Stanley had
when they chose to walk away!!!
Ho Ho Ho!"
The issue then is one of economic sense. It makes no economic sense to hold onto a house that is worth far less than you paid for it. Of course you have to check state law to see about your liability, but none recourse loans are generally the only ones you should ever accept when buying real estate.
With regard to credit cards, you can be garnished but if they cannot squeeze blood out of a turnip, and are lending at 20 percent while borrowing at 1/2 percent, there is something greedily immoral about that. Walk away from those credit cards if you need to take care of your family or pay your mortgage.
I hope you take the time to check out my online store here. The products are centered on financial advice and information from authors like Ron Paul, but there are other helpful items like cell phones and accessories and a Kindle Store. This helps support this site and others that I also pay for to get the word out about the bad bad banks.
Those finance companies who are always making you feel guilty when you walk away from mortgages do not have a leg to stand on anymore. Morgan Stanley, the behemoth investment banker, was current on 5 mortgages to 5 towers in San Francisco, yet walked away from them because the buildings were not worth what they paid.
If Morgan can walk away because it makes economic sense, then you can do the same with your under water house! Your family comes first, just as Morgan Stanley shareholders come first for them. It is time to walk and walk and walk away because it makes good economic sense in this deflationary time. I have a little cheer in all this, a comment and a poem from my post at Seeking Alpha to make you feel better about your decision:
"If you take the wealthy versus the rest of us, the wealthy have their houses paid for although they are losing value at the fastest rate. There are no bailouts for million dollar houses.
That will be very bad for California as people strategically default, following the lead of Morgan Stanley. Morgan Stanley defaulted on 5 San Francisco towers even though they were current on the mortgages because it made no sense for them to carry these properties that were worth less than for what they bought them.
Word is getting out. You don't think this will effect the housing prices almost everywhere? People are just starting to realize that there is no shame in walking away from a loan that makes no economic sense. That will be a deflationary excercise nationwide, and will mimic Morgan's commercial jingle mail.
Jingle mail
Jingle mail
Jingle all the way
Oh what fun Morgan Stanley had
when they chose to walk away!!!
Ho Ho Ho!"
The issue then is one of economic sense. It makes no economic sense to hold onto a house that is worth far less than you paid for it. Of course you have to check state law to see about your liability, but none recourse loans are generally the only ones you should ever accept when buying real estate.
With regard to credit cards, you can be garnished but if they cannot squeeze blood out of a turnip, and are lending at 20 percent while borrowing at 1/2 percent, there is something greedily immoral about that. Walk away from those credit cards if you need to take care of your family or pay your mortgage.
I hope you take the time to check out my online store here. The products are centered on financial advice and information from authors like Ron Paul, but there are other helpful items like cell phones and accessories and a Kindle Store. This helps support this site and others that I also pay for to get the word out about the bad bad banks.
