patrick.net

The IRS should have ceased and desist on the Loan Forgiveness straight away as soon as "Strategic Default" became popular valid economic debate.

That's like if a State said they were going to reduce prison sentence on Armed robbery, to alleviate over crowding. But then immediately, people started pondering Robbing banks weighing time spent incarcerated vs the money they can make.

Strategic Default should be viewed no less of Financial Fraud as lying about income on a loan. It's intentional deceit to defraud the system, by using loop holes against the system. Why don't the Entitlement fuckers ever scream about these assholes? The problem isn't the American system, it's the abuses that time after time we allow. Then we blame the system, and not those making fraudulent claims to cash in on programs that wasn't designed as a income vehicle for Con Artists.

Now this is not say that I was ever a fan of the Loan forgiveness provision. But I'm sure that 60% of the defaulters since that provision, simply defaulted because there was no tax on walking away from a mortgage they could have otherwise afforded to pay.
In fact now there's a whole class of Assholes living rent free, until the bank comes a knocking.

(Gratuity liberal Bashing) Bang up job on fixing the Mortgage mess Obama and company. Pat your selves on the back.

The problem with our system is that our tax collection is very solid. Our politicians use that money to buy votes, and they are slave of banks too, so they want all these people to be slave of the banks too. Politicians just can't take one side or the either. It can't be both ways. Mortgage should be outlawed to fix the system.