“For myself, I want no advantage over my fellow man, and if he is weaker than I, all the more is it my duty to help him.” —Eugene V. Debs
Joel, those homes were worth what they were worth when they were worth that. Now they're worth less. That's just how capitalism works.And how workers can be blamed for losing jobs, I really don't get. I agree with what you're not saying: it should be harder for lenders to exploit people. And I agree that lenders will fight every effort to restrict their ability to dupe people into bloodsucking contracts.
Fausto, thanks for more info. I agree with the broad strokes of "in cases where a borrower who has both the means and legal obligation to repay a debt in cash avoids a valid, legally binding promise to pay, IMHO that is both morally and legally dishonest." But I would be very cautious when judging means. Just because someone could be in financial slavery for years doesn't mean they should be.