Principle Versus Principal: The Ethical Dimension Of Underwater Mortgages

2012-08-08 — globalethics.org

``Moreover, the question of default itself has become part of a new ethics controversy because many underwater homeowners are engaging in what's known as "strategic default," failing to pay the mortgage even though they can do so, betting that the damage to their credit ratings will be less expensive in the long run than will the continued burden of a mortgage on a property now worth much less than the purchase price.''

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