John Williams wrote: > Only if you consider honesty and keeping your word to be ridiculous. > An honorable person would not agree to borrow money from anyone, > even a loan shark, if they thought that there was any possibility > that they would not be able to honor their agreement and pay back > the money that they borrowed.
John, I think I differ with that perspective. I've taken out mortgages, and I always thought there was a high probability that I would be able to honor them when I took them out. But, there was always a possibility that I'd be hit by a devastating illness after the mortgage went under water, so that it would be impossible to sell the house for enough to pay the mortgage and it would be impossible to keep up payments. The first two houses I owned I had < 20% down (10%), so I had PMI. The last house I bought with 20% down. I figured the interest rate I was charged was figured to include covering people in that situation. Given that, do you consider it dishonorable for me to have taken out a mortgage? If so, then what fraction of loans are ethical? It seems to me that it is nearly impossible, even if you had the money in the bank to cover the loan if, to take out a loan where there wasn't an improbable set of circumstances that would cause you to default on the loan. Dan M. _______________________________________________ http://box535.bluehost.com/mailman/listinfo/brin-l_mccmedia.com
