Comment: When you get a home with a

(See in situ)

When you get a home with a

When you get a home with a mortgage, YOU are not buying the home, the Bank is buying the home. then over 30 whatever years you are buying it from them through monthly payments. But it is the bank that purchased the home, and it is theirs up until you pay them that very last penny. If you walk away from the bank's home there is nothing immoral about that, in fact if there is anything immoral it is that the bank does not give you back the money that you have paid up to the point that you walk. And really even that is not really immoral because you agreed in advance that if you did not pay every penny that you would lose the home AND all the money that you had already paid into it.

But when you walk away from your home the bank still has the house that THEY bought. They are not out of anything, and in fact they have the their home AND all the money that you paid up till the time you walked away.

And further about Mr Paulson's statement that a home buyer is not honoring their obligaton, the home buyer does not have the obligations to pay the home off. The home honor is only obligated to pay off the home if the home buyer wants to take possession of it from the bank. But a mortgage clearly spells out that the home buyer has 2 options, one to buy the house, the other to walk away from it and lose it and all moneys previously paid. There is literally a walk away option built into the mortgage, therefore there is no obligaton to pay the house off, but instead paying the house off is an option of the mortgage.

"Ehhh, What's ups Doc?" B.Bunny "Scwewy Wabbit!"E. Fudd
People's Awareness Coalition: Deprogramming Sequence