Last login: Tuesday, May 25, 2010
I have to take great exception to the on-air comments of Barbra Bry: "People aren't stupid, they aren't going to continue paying their mortgage when they owe more than the home is worth".
This statement calls people who respect their obligations stupid. This is dangerous, anti-social, thinking and this idea should not be promoted.It's dangerous and anti-social because if everyone followed this advice, the economy would be even further devastated. Second, the idea is just wrong on the face of it. The moment you buy a new car, it's worth less than you owe.Should we all just stop making our car payments? We all know that a car will never be worth what we paid again.
The other reason the idea is wrong is that most people sign very long term mortgages---15 to 30 years. Over that long of a time span, housing prices will again appreciate.
Please retract and do not promote the idea that you're stupid if you don't walk from an upside-down mortgage. Such thinking damages the entire economy.
April 23, 2010 at 9:43 a.m.
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