Baseball Musings
Baseball Musings
May 02, 2008
Walking Away

My wife Marilyn is a real estate agent and send this article about Jose Canseco walking away from his California house:

'I do have a judgment on my home and it to me is very strange because it didn't make financial sense for me to keep paying a mortgage on a home that was basically owned by someone else,' he said.

Canseco said the foreclosure was not a difficult issue emotionally. But he sympathized with the millions of other Americans who have already lost, or face losing their homes, because of soaring interest rates on sub-prime loans.

'I decided to just let it go, but in most cases and most families, they have nowhere else to go,' he said.

He gets no sympathy in the comments as it seems he was able to pay the mortgage but chose not to.


Posted by David Pinto at 10:47 AM | Baseball Jerks | TrackBack (0)
Comments

I don't see the issue, personal finance is increasing adopting the principles and practices of corporate finance. This is the logical extension. If a bank/broker writes a bad loan they can eat it. They have on the business side, now they will on the consumer side. Lend smart or die.

Posted by: abe at May 3, 2008 12:16 PM
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