That's possible, cyber, but I doubt it. �Banks are big huge elephants that are much too large and too slow moving to be able to track someone from FL to NC. �Especially with foreclosures in record numbers...
On top of that, most banks sell the loan soon after they make it. The bank makes the loan, then sells the servicing of the loan to one company, sells the loan itself to a second company, who then packages it with other loans and sells it to fanny/freddie who then repackages those and sells them to some fund that sells them to someone in Dubai or where ever. By the time the servicing company finds out he is not paying, and figures out who now owns the loan, he has already bought house #2 and maybe walked away from that one.
Community Reinvestment Act and multiple streams of income...
But I cannot give a "pass" to someone who borrows money to buy 1,000 shares of a stock valued at $179 in January '06, is able to buy it for $150, then watches it lose 50% of it's value in 3 years and decides to walk away from the debt (?). Not only that, DA never expected a margin call - but asks for the president to reinforce his bad business sense by "doing something" to save him from....
himself?
Here's something in badboys story that concerns me - he has loans for two vehicles and 2 home mortgages. At some point you have to be responsible. Just because you can do something, doesn't mean you should.
We are each the ambassadors of our own families. Badboy is the President of "ME INC.," if you put your company in a bad position - you are responsible for it. Regardless of whether or not you want to struggle - YOU put yourself there.
That is not me judging you DA - it's me making an observation. I wouldn't go to work for someone that made the kind of decisions you just described - and I bet you wouldn't either. You cannot judge the banks for acting like banks - they're forced to give you things that they shouldn't be - you should wondering if what you're doing is smart - you should be able to say "NO" to someone wanting to pile you with debt.
We all judged the owner/managers of Enron for being duplicitous in their financial reporting - but what have "we" all become?
There is accountability coming to America - and it will come from the one no one expects it from...this government has run out of money, but so has every other nation on earth - except China. The entire world is attempting to pay for their deficit spending (gap between what they take in in taxes versus what they spend on programs - like "cash 4 clunkers") by selling their debt. Our government is competing with the world for Chinese financing. America also generates cash by selling our debt, globally - if Americans stop paying their loans, our dollar is weak (and has lost a ton of value), AND our interest rates are low - then what do we have to induce governments that have cash (China, India, Saudi Arabia, etc.,) to buy
American debt?
Money will be very tight soon.
