These are trying times for the economy – as is VERY OBVIOUS – greed has dictated the days bygone and the entire concept of capitalism is under question to a lot of people. Isnt this something that US has preached to the rest of the world?

My views and opinons apart, I chanced upon a article aimed at San Diego residents today and Good Heavens it is the worst piece of advise I have read – EVER – hands down! I quote some sections:

Why pay your mortgage if foreclosure is off the table, and if you know that lower payments, and possibly a reduced loan amount, would result? A tarnished a credit rating is a small price to pay for such a benefit.

This is purest of evil advise that I have come across – this guy is setting you up for something so bad that when it comes back to bite you in your backside, it will not just plain bite and hurt, it will walk away with more than 90% of your backside! The government may not be watching your credit score, but the day the loan-sharks are back in business, guess who is going to get kicked in their nuts and thrown out head-first onto the sidewalk?

Here is some more crap from the author Peter Schiff – President, Euro Pacific Capital

If your mortgage does become the property of Uncle Sam, the growingly popular impulse to “just walk away” should be replaced by “just stay and stop paying.” No one will throw you out. After a few months, or years, of living payment free, you will get a call from a motivated government agent eager to adjust your loan into something affordable.

Source: Article