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Funny you mention Mars. I can get you a great deal on an awesome single family Martian biotube - ice lake-adjacent, with working fireplace and walk-in closets for only $650,000 with no money down. Just come on in, sign some papers and I can make it work for you!

Great. As soon as I hook up a job in the ice-melting station, I'll be in touch.

Mick, not to defend any of these scumbags, but:

(1) If a person dies and is not insolvent, their debts are supposed to get paid out of their estate. Otherwise, there's no incentive not to max out the credit card for one last death orgy. Naturally, if there's no estate, it's TS for the credit card company.
(2) As ironic as it is for Countrywide's president to be buying up busted loans, re-negotiating them, and then making a profit, that's actually what we want. This keeps people in their homes while reducing their payments to something reasonable. Just because the person making money off this would make Lucrezia Borgia look like a candidate for sainthood doesn't detract from the fact that it's a desirable outcome. Naturally, if they're only able to do this thanks to taxpayer largesse, it changes the picture somewhat but I still want to keep people off the street if only to keep neighborhoods from turning into crackvilles.

Both good points, Charles, much as I hate to admit it. But -

(1) The article is, as usual these days, very badly written but its assumption is clearly that these things are happening when the estates are either a) not sufficient to cover the debts, or b) non-existant. The point is, right or wrong morally the fact is that the people they're going after are not legally responsible for these debts.

Frankly I am sick unto the death of vultures like that who think everybody has to live up to contracts except them and that everybody has to follow the law except them. They are, by their own admission, breaking the law and their only rationale, apparently considered sufficient, is that they're getting away with it.

The only way these greedheads will ever get the message is if they lose money. People need to stop paying them and take them to court.

(2) The function may be worthy but the action is NOT. Let me restate the argument you used for (1): what is the incentive for financial managers to act responsibly if they can profit from acting irresponsibly? They can be allowed to use deceit, tricks, lies, and false documents to put unwary customers in debt and then they can promptly turn around and make a second batch of bucks saving them? That gives them a positive incentive to force people into bankruptcy by whatever means necessary just so they can then turn around and save them. Which is precisely what they did. This is tantamount to enshrining in law the concept that every criminal is allowed to profit from his crime not once but twice.

Not acceptable. Comparatively, let credit-card sprees by the dying flow!

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Bang for the Buck: Boosting the American Economy

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