Patrick.net

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Walnut Creek, CA
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In United States
Registered Mar 04, 2011

Iron Giant's most recent comments:

• On 4 Mar 2011 in Those who walk away...what will eventually happen..., Iron Giant said:

  Nah..I mean the ability to assume others weren't being given cheap credit, running wild and passing the consequences on to the taxpayer.

  Last time I bought a house, the 20% rule still applied unless I wanted to use my zero-down VA benefit. Hopefully those days have returned...even so, I'm not sure I'll ever buy again.

• On 4 Mar 2011 in Those who walk away...what will eventually happen..., Iron Giant said:

  While I'm not currently a home owner, and have never walked on a debt, here's the point I struggle with:

  Had there not been so many bad loans and defaults which ultimately turned most everyone upside down, people wouldn't be inclined to walk away. The bad loans weren't made in a vacuum, and they have (and have had) considerable effect on the value of property obtained with "good" loans.

  Hence the reason the "walk away" crowd doesn't get 100% of my ire--the financial markets/lenders and poor regulation (or overregulation, depending on your view) are at least as much if not more at fault here.

  While I was smart enough not to get suckered into a foolish purchase, there are a lot of people who weren't. They had faith in the system as it applied to more than *just* them, and they were wrong.

  I’m not sure I wouldn’t be walking if I were in the same situation, too.