Site of the Day: You Walk Away Dot Com
Yes, its true: Youwalkaway.com
I couldn't make this up if I tried:
That's just wrong on so many levels . . .
~~~~
UPDATE: January 29, 2008 8:05pm
I see Mish put up a full post on the same subject way earlier today. Check it out . . .
Tuesday, January 29, 2008 | 03:16 PM | Permalink
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» From the "had to happen" file from Charleston Real Estate Blog
Barry Ritholtz at The Big Picture said I couldnt make this up if I tried and thats [Read More]
Tracked on Jan 30, 2008 1:18:22 PM
» Read It Here First: You Walk Away.com from The Big Picture
One month ago today, our site-of-the-day was You Walk Away Dot Com. Today, there is a front page NYTimes article about -- anyone? anyone? -- You Walk Away.com:Then in January he learned about a new company in San Diego called You Walk Away that does ju... [Read More]
Tracked on Feb 29, 2008 10:38:23 AM
Comments
Wrong as in "not right and upstanding and honorable" and wrong as in "factually incorrect."
Posted by: Rob F | Jan 29, 2008 3:23:04 PM
It's the world we live in. People are making cold, hard "business decisions" (the corporations we work for set the example).
Posted by: brbrown | Jan 29, 2008 3:27:52 PM
Who knew foreclosing could be so much fun! That woman in the advertisement sure seems to be enjoying the demise of her credit rating! What could possibly go wrong here?
Posted by: Camille | Jan 29, 2008 3:34:39 PM
This would make such an awesome "Saturday Night Live" ad. Too bad the writers are still on strike.
Posted by: Shnaps Parlor | Jan 29, 2008 3:36:22 PM
In any other culture, at any other time, this would be wrong. This is America, right now, and it's all about money and every man for himself - all social bets and contracts are off. The cheaters are on both sides of this equation, and they'll get what they deserve.
Posted by: Marcus Aurelius | Jan 29, 2008 3:37:41 PM
Just walk away? Kinda like Blackstone?
BK used to be shameful. It damaged reputations. Donald Trump?
Morals continue to decline. Cruised the net recently?
This is not at all shocking. It was predictable. Lamentable yes. Grandpappy is spinning in his grave...
Posted by: Ross | Jan 29, 2008 3:44:01 PM
I'm kicking myself for not having thought about this first.
Is that "wrong" too?
Posted by: GMF | Jan 29, 2008 3:44:51 PM
another quote in the spirit of "too bizarre to be fiction"
****Kerviel said in 2007 he only took 4 days holiday and faulted his superiors for failing to pick up on this.
"The simple fact that I didn't take holiday in 2007 should have alerted my managers. It is one of the first rules of internal controls.****
^^Insert your anti-French joke here.^^
Posted by: internet-anon | Jan 29, 2008 3:45:15 PM
IF you go to their website, there are two other banners below the graph that say:
"Latest Foreclosure News"
and
"Avoid Fraud"
Posted by: Street Creds | Jan 29, 2008 3:51:52 PM
From the FAQ:
7. How much is your service?
A. With our money back guarantee, you get it all for only $995.00. This can be made in three easy payments of $332.00. Regular price is $1,195.00. For a limited time only price is reduced and subject to change without notice.
Why would anyone pay money to not pay thier mortgage? Why not just not pay the mortgate?
Posted by: Brian | Jan 29, 2008 3:52:01 PM
This is fantastic. I'm glad someone is getting the word out that foreclosure is in the best interest of many. Corporations are bound to do whats possible to make the most money for their shareholders within the law. Consumers/borrowers would be smart to do the same for themselves.
Posted by: sw | Jan 29, 2008 3:54:49 PM
I think this is one of the few opportunities the little guys can stick to the big guys. Judging by the reaction on Wallstreet, the big guys don't like having the tables turned on them. Well, that's what they get for being way too greedy and leaving an opening for the little guys.
Posted by: pc | Jan 29, 2008 3:57:14 PM
Camille,
The reason that lady looks so cheerful is that she and her husband are boxing-up the fixtures, copper pipe and copper wiring they just stripped from their home, and are on their way to the local recycling center to convert it into cash on their way out of town...
Posted by: Pool Shark | Jan 29, 2008 3:58:40 PM
The Hobbesian behaviorist in me suggests that one good way to prevent defaults and shore up asset prices is to bring back debtor's prison...
Posted by: jag | Jan 29, 2008 4:02:47 PM
Interesting. That reminds me that a bank manager I knew was required to take a fairly long vacation every year, for the reason that it would smoke out cooked books.
Do we still have such US requirements?
Posted by: odograph | Jan 29, 2008 4:03:31 PM
This is perfect.
Tell me, which equity holder chips in cash to make bond-holders whole?
It's the same thing. The home "owner" is the equity holder, the lender is the bondholder.
Posted by: bumble | Jan 29, 2008 4:07:36 PM
The only penalty for foreclosure (other than finding a different residence) is bad credit; the only penalty for bad credit is that one can no longer buy things that they don't have the money (cash) to buy - a constraint we should all operate under in the first place but don't! I wonder what % of homes (and vehicles) are literally owned by the people who live in (or drive) them and not by lending institutions? Maybe 5-10%?
Posted by: worth | Jan 29, 2008 4:07:39 PM
Brian asks:
> Why would anyone pay money to not pay thier mortgage?
> Why not just not pay the mortgate?
I think it's a form of 'due diligence', albeit a perverse one. If a $1000 investment will tell me what the pros, cons and legalities of getting out of 28 years of $1000-2000 monthly payments on an asset that's declining in value are, I might be tempted to sign the check rather than walk out n my own.
As a former South Florida homeowner, I have some sympathy for people who got stuck with big (and growing) mortgages on small houses. Having been laid off, down-sized, right-sized and re-engineered over the course of a 20-year career in corporate IT, I have less sympathy for the idea that corporations can make business decisions but it's somehow immoral for individuals to do so when it's not in corporate interests.
Posted by: pmorrisonfl | Jan 29, 2008 4:11:33 PM
Hmmm... Could this be the first swallow of a Housing Market Spring? Looks like a bottom-ticker in the making.
Posted by: Alex Khenkin | Jan 29, 2008 4:12:38 PM
Odograph....short answer, yes. Bank employees that handle funds are required to take vacation leave at least once for five consecutive work days every year. I believe it's a fed requirement.
Catch the WSJ article on the Societe Generale fraud(sorry no cite--it's on today's front page of the print edition)...you guessed it, questions about the bank's story are starting to surface.
Posted by: Don | Jan 29, 2008 4:14:16 PM
I get the feeling the people operating this website are the same ones who were running mortgage broker sites a couple of years ago.
Posted by: Just saying | Jan 29, 2008 4:16:06 PM
The regurgitation of debt begins!
Posted by: Mike M | Jan 29, 2008 4:22:03 PM
How is this different from the "consultants" advising companies how to dump their pension plans or how not to hire US employees when they are qualified?
It seems to me the bounds that have been pushed by republicans and business the last 7 years are coming home to roost.
Posted by: me | Jan 29, 2008 4:27:00 PM
Barry,
I'm having a hard time figuring out what's wrong with this. Corporations layoff employees all the time when the balance sheet is deteriorating. Isn't this just another application of creative destruction?
Posted by: damondidit | Jan 29, 2008 4:27:18 PM
Interesting - getting taken to the cleaners by getting into a ballooning ARM then getting taken to the cleaners by these foreclosure fraudsters. "Just saying" is right - these are probably the same wolves with a different skin.
Posted by: Mike | Jan 29, 2008 4:30:01 PM
