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Tuesday, June 1, 2010

Mortgage Deadbeat Alert

The New York Times is the newest news outlet to finally recognize that mortgagors -- not homeowners since they own nothing and owe more than the present value of the house, marked to market -- are gaming the system; read its Tuesday, June 1, 2010 article here.

These mortgagors routinely run up the bills for other discretionary spending like plasma TVs, "gold package" cable subscriptions, pet grooming, private schools and day camps, and other niceties which are fine when paid for on your dime... but these same mortgagors then default on their mortgages leading to taxpayers -- you and me -- bailing out Freddie Mac, Fannie Mae, the banks and whatever new government mortgage-modification program they come up with next.

Our economy and society are on the cusp of a serious decline, precipitated by nothing less than a deficit in popular responsibility.   We are talking about wanton, deliberate avoidance of responsibility whenever the opportunity exists to pass the burden to someone else. 

The result now is that responsible, hardworking and frugal neighbors suffer the indignity of having to subsidize their spendthrift, layabout neighbors -- before paying full freight for their own, rising costs.   The first moral hazard has occurred; the true risk is the second moral hazard, which may consist of previously-upstanding citizens willfully disregarding the law out of the lost recognition of the moral authority of the government to uphold justice and equality.

Eric Dixon is a New York lawyer.

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