29 November 2009 · Comments Off · Categories: Masters of the Universe

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

“there’s a moral dimension to this as homeowners who simply abandon their homes contribute to the destabilization of their neighborhood and community.”

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.

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