"But in a market society, since when are people responsible for the economic effects of their actions? " @2:33 PM
I wanted a little bit more reasoning and example on this "THE WAY WE LIVE NOW" piece from this upcoming New York Times mag, which says that people should abandon their underwater mortgages (true!). He writes: "Mortgage holders do sign a promissory note, which is a promise to pay. But the contract explicitly details the penalty for nonpayment — surrender of the property. The borrower isn’t escaping the consequences; he is suffering them." Sure! There is of course often the complication that then, you know, people have to find somewhere else to live. 55
Nearly 1 in 10 U.S. Mortgages Are Delinquent @11:42 AM
9.12% of U.S. mortgages are delinquent—excluding houses already in foreclosure. (Last December: 7.17%. Last September: 6.41%.) An additional 3.85% of U.S. homes with mortgages are already in foreclosure. 2
Goldman Sachs Gives 210K MA Households $238 @3:16 PM
Amazing news! Goldman Sachs just settled with the state of Massachusetts, on the claim that Goldman helped create the subprime housing crisis. So, you know, if there are 210,000 Massachusetts mortgages underwater, which the AP said in March, and Goldman Sachs just gave Mass. homeowners $50,000,00… math says that is a whopping $238.09 per household! That is like the lowest amount of food stamps you can qualify for a month. 5
