About There has been a lot of discussion about “strategic defaults.” But in case you don’t know, a strategic default is when someone who is fully capable of paying his mortgage chooses to default on the mortgage, simply for economic reasons.
Much of the discussion concerns the morality of the situation. The lenders act all pious and tell us that it is our duty and responsibility to pay our obligations. I don’t want to get too deep into the subject, myself. However, I do want to note some delicious irony. The Mortgage Bankers Assn. has strategically defaulted on the mortgage on a prpoerty it owned in Washington D.C. I must caution you, however, that the video comes from Jon Stewart and the Daily Show, that world renowned news source.
I tried to embed the video but I haven’t learned WordPress well enough yet. The link is below.
http://www.thedailyshow.com/watch/thu-october-7-2010/mortgage-bankers-association-strategic-default