The Great Recession - Ethics of the Borrower
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While most of us have our opinions regarding our recent...and ongoing...housing problems, I would like to explore the ethical side as it relates to the home buyers involved who now find themselves either foreclosed or facing foreclosure. You are free to put forth your own scenarios, either from your own personal experience, the experience or someone you know or know of, or hypothetical.
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While most of us have our opinions regarding our recent...and ongoing...housing problems, I would like to explore the ethical side as it relates to the home buyers involved who now find themselves either foreclosed or facing foreclosure. You are free to put forth your own scenarios, either from your own personal experience, the experience or someone you know or know of, or hypothetical.
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From an ethical perspective, the defaulters of mortgage or housing loan that fail to meet the pay back the principal and interest amount on the housing loan taken by them can be termed as morally wrong. This is because many of such buyers that face foreclosure or defaulted on their loan payment took advantage of liberal lending policy and overestimated their future income or became too ambitious and took debt beyond their capacity. In other words, they did not take into account the potential risks in the future and took debt which was beyond their earning ...
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- BCom, SGTB Khalsa College, University of Delhi
- MBA, Rochester Institute of Technology
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