View Poll Results: Is there a moral obligation to repay money you borrow?

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  • If you borrow money, you are morally obligated to repay it.

    110 34.48%
  • I feel no moral obligation to repay loans I've taken out

    209 65.52%
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Thread: Are you morally obligated to repay a loan that you take?[W:461]

  1. #811
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    Re: Are you morally obligated to repay a loan that you take?[W:461]

    Quote Originally Posted by tres borrachos View Post
    Where are you coming up with this nonsense? Are you talking about a loan shark or borrowing from your friends? Because if you're talking about a bank or a credit union, you are 100% incorrect.
    Prove that. And while you're at it, tell it to radcen.
    I fight against the ignorant, irresponsible, and/or closed-minded.
    This group is the worst enemy of America and its freedoms. It includes, but is not limited to, all Trump supporters.

  2. #812
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    Re: Are you morally obligated to repay a loan that you take?[W:461]

    Quote Originally Posted by DifferentDrummr View Post
    Most or all, I would estimate. Here, go educate yourself:

    No, in your words, not in videos.

    Name 6 banks that are loaning money that they don't have and please back it up with links.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

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    Re: Are you morally obligated to repay a loan that you take?[W:461]

    Quote Originally Posted by DifferentDrummr View Post
    Prove that. And while you're at it, tell it to radcen.
    I will share the call reports of 5 banks within 40 miles of where you live to prove you wrong.

    What county do you live in?
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  4. #814
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    Re: Are you morally obligated to repay a loan that you take?[W:461]

    Quote Originally Posted by justabubba View Post
    yes, that bank that made the loan to you so that it could immediately sell it off to the secondary market to make a quick profit, despite having professional insight to anticipate the economic downturn
    that moral bank which threatened ratings agencies with withholding additional business if they did not place a favorable rating on that unfavorable paper
    that moral bank which threatened appraisers with withholding additional business if they did not place a favorable market value on that real property everyone knew was without the true value to support the mortgage being processed
    that moral bank, the one holding secondary paper, and being without the instruments of hypothecation to legally initiate the foreclosure process instead fabricated the legal signatures it needed
    sell that **** somewhere else; no reasonable people are buying the presentation that the banking industry was morally superior during the great recession
    Holy **** - what on earth are you saying here?

    Banks have been selling on the secondary market for decades, many decades. You of all people should know that community banks particularly do it and have made it a business practice, and it has nothing to do with making a quick profit and knowing that the market what going to tank.

    This is propaganda and as I suspect you also know, VERY few lenders who wrote conventional mortgages for qualified borrowers always writing to Fannie standards as they always did had nothing - zero - to do with what was going on at the very large banks and the lenders like Countrywide. And if you're in this business as you said earlier that you were, you would also know that it wasn't most of the banks who worked with the appraisers in that way, and it was in fact only a handful (again) of large banks and the non-depository lenders.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  5. #815
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    Re: Are you morally obligated to repay a loan that you take?[W:461]

    Quote Originally Posted by tres borrachos View Post
    I will share the call reports of 5 banks within 40 miles of where you live to prove you wrong.

    What county do you live in?
    Do all 5 of those banks have a consolidated deposit schedule that shows a greater total than their consolidated loan schedule? Because nothing less is acceptable.

    Use the SF/SJ/Oakland metro area: if you can find it anywhere, you can find it there.
    I fight against the ignorant, irresponsible, and/or closed-minded.
    This group is the worst enemy of America and its freedoms. It includes, but is not limited to, all Trump supporters.

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    Re: Are you morally obligated to repay a loan that you take?[W:461]

    Quote Originally Posted by Lursa View Post
    I had to leave the thread. The way people tried to rationalize and justify their reasons for not (necessarily) paying showed they used excuses in life to prop up their behavior. Ignoring the fact that cheating, fraud, and non-payments are not included in business models and spread out so that everyone else had to pay for their defaults. Rationalizing that 'big business didnt feel it' or 'it was too small for people to notice.'
    The responses in this thread make my head hurt. And scare the **** out of me.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  7. #817
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    Re: Are you morally obligated to repay a loan that you take?[W:461]

    Quote Originally Posted by DifferentDrummr View Post
    Do all 5 of those banks have a consolidated deposit schedule that shows a greater total than their consolidated loan schedule? Because nothing less is acceptable.

    Use the SF/SJ/Oakland metro area: if you can find it anywhere, you can find it there.
    Beneficial State Bank in Oakland.

    https://www2.fdic.gov/idasp/StruRepo...?inCert1=58490

    Metropolitan Bank in Oakland.

    https://www2.fdic.gov/idasp/StruRepo...?inCert1=25869

    Here are 2 to get you started.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

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    Re: Are you morally obligated to repay a loan that you take?[W:461]

    Quote Originally Posted by Papa bull View Post
    It's not the bank's fault that the property values where you live dropped to the point that your home is underwater. It's not the bank's fault that you paid more for the home a few years ago than it is worth today. How do you rationalize that sticking it to the bank is OK when you chose the home and you agreed to the terms of the loan? They didn't do anything wrong, but you're arguing that you should stick them with your bad decision anyway because... what exactly was that rationalization again?
    Part of the problem is you've never once attributed any blame to the banks. I can only figure you're a banker or they're your friends/family.

    The obvious corollary to that part bolded is the bank also agreed to the term of the loan and accepted that house as adequate collateral for extending you a subprime, liar, NINJA, negative amort, 110% of value, ARM etc. loan that had approximately zero margin for the borrower. They made tens of thousands of bad decisions to loan money on bubble home prices to questionable borrowers because it made them WEALTHY at the time. Borrowers have a one way moral obligation to bail them out of those stupid lending decisions?

    BTW, it's also not the borrowers fault that home prices dropped and that the loan is underwater, and when the bank agreed to your home as collateral, it accepted the risk of home values dropping. You're pretending the borrower has a MORAL obligation to bear the entirety of that risk. Not sure why.

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    Re: Are you morally obligated to repay a loan that you take?[W:461]

    Quote Originally Posted by tres borrachos View Post
    It is exactly like that. There is no contract for "penalty for breach of contract". The contract is for a promise from the borrower to pay the lender.

    By the way, cell phone agreements are not loan agreements, so the moron at law school who tried to draw a parallel there too really doesn't understand what he was talking about.
    What is the principled difference? We only have "moral" obligations to repay loans, but not other amounts due under other types of contracts?

  10. #820
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    Re: Are you morally obligated to repay a loan that you take?[W:461]

    Quote Originally Posted by JasperL View Post
    What is the principled difference? We only have "moral" obligations to repay loans, but not other amounts due under other types of contracts?
    Why are you bothering me? Two things I've already said to you:

    1. Your posts are far too stupid for me to waste my time on.
    2. I said repeatedly that there is no morality in borrowing and lending.

    If you want to talk to someone about the moral obligation to pay your cell phone provider for your service agreement, find someone who is interested. I'm not. And it's off topic. This thread is about borrowing and lending.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

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