Comments on: Thoughts on The Mortgage Cancellation Act of 2007 http://blownmortgage.com/2007/06/30/thoughts-on-the-mortgage-cancellation-act-of-2007/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Sat, 07 Nov 2009 02:53:18 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: John M http://blownmortgage.com/2007/06/30/thoughts-on-the-mortgage-cancellation-act-of-2007/comment-page-1/#comment-4282 John M Wed, 19 Sep 2007 14:13:34 +0000 http://blownmortgage.com/2007/06/30/thoughts-on-the-mortgage-cancellation-act-of-2007/#comment-4282 I've got an idea. How about letting deadbeats who buy more house than they can afford get hit with every penalty and fine in the book so that maybe they'll learn a lesson. I’ve got an idea. How about letting deadbeats who buy more house than they can afford get hit with every penalty and fine in the book so that maybe they’ll learn a lesson.

]]> By: Schahrzad Berkland http://blownmortgage.com/2007/06/30/thoughts-on-the-mortgage-cancellation-act-of-2007/comment-page-1/#comment-334 Schahrzad Berkland Mon, 02 Jul 2007 16:06:21 +0000 http://blownmortgage.com/2007/06/30/thoughts-on-the-mortgage-cancellation-act-of-2007/#comment-334 I wonder what the unintended consequences of such a bill would be. I think that once again, people realize they can take on stupid risks, and the government is there to soothe the pain. Bailout bills of any kind just encourage more stupid risk taking. Next, those same people will take on more bad debt. After all, there is no pain at the end of the road, so why not? If the asset goes up, I win...if it goes down, Uncle Sam is there to kiss my wounds and make it all better. On a nonrecourse loan, there is no tax due, I think. I wonder what the unintended consequences of such a bill would be. I think that once again, people realize they can take on stupid risks, and the government is there to soothe the pain. Bailout bills of any kind just encourage more stupid risk taking. Next, those same people will take on more bad debt. After all, there is no pain at the end of the road, so why not? If the asset goes up, I win…if it goes down, Uncle Sam is there to kiss my wounds and make it all better.

On a nonrecourse loan, there is no tax due, I think.

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