NBC: Screw Your Neighbors — Walking Away from Your Mortgage is ‘Ethical,’ ‘Good Business Decision’
This issue came up in a friend’s status on Facebook (hi, Killer D!). The fact that people find this acceptable practice really isn’t surprising in this “Obama will take care of me” society, but it is appalling. It amazes me that people can morally justify walking away from a legal contract. NBC did a story on it.
What’s even more appalling is the fact that news outlets like NBC would present little rebuttal to this and even give the company promoting this activity so much free airtime. Key quote:
“There are people who say you made a deal, you have a commitment, you have a mortgage, it hurts your neighbors. Is that a fair argument?” Lauer asked.
Not to Chatzky.
“It’s an understandable argument, but I think when you look at the business case, it is just as understandable to walk away from a bank that lent you more than you could afford on a property that was not as valuable as both of you thought,” said Chatzky.