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James Surowiecki: “Homeowners are getting lambasted for doing what companies do on a regular basis”

James Surowiecki: “Homeowners are getting lambasted for doing what companies do on a regular basis”


When people aren’t wealthy or part of the elite, you must follow the rules

The New Yorker-

Paying your debts is, as a rule, a good thing. But the double standard here is obvious and offensive. Homeowners are getting lambasted for doing what companies do on a regular basis. Walking away from real-estate obligations in particular is common in the corporate world, and real-estate developers are notorious for abandoning properties that no longer make economic sense. Sometimes the hypocrisy is staggering: last winter, the Mortgage Bankers Association—the very body whose president attacked defaulters for betraying their families and their communities—got its creditors to let it do a short sale of its headquarters, dumping it for thirty-four million dollars less than the value of the building’s mortgage.

When it comes to debt, then, the corporate attitude is do as I say, not as I do. And 

[THE NEW YORKER]

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