Responding to a paper in which an economics professor recommended that “under water” mortgage holders walk away, a spokesman for Fannie Mae was quoted as saying
Interestingly, no moral dimension seems to attach to the bankers and mortgage brokers who sold the hinky paper in the first place.
I guess, to have moral dimensions, one must have morals.
Addendum, Much Later:
Atrios on the double-standard.
In the world of free country club memberships, well, personal debts carry a moral obligation. Business debts–well, comme ci, comme ca.