A Nation of Deadbeats?

Check out this article from the New York Times detailing the story of several deadbeat homeowners' stories. I find it sickening yet important to read because these people represent much of what's wrong with the United States. They have no sense of responsibility to honor the commitments they've made. They don't understand a loan is a privilege. If you don't understand the terms of the loan, don't borrow the money. If you can't afford the interest payments, don't borrow the money.

"It really been a blessing," Alex Pemberton told the New York Times about his venture into foreclosure. Pemberton stopped paying the mortgage on his Florida house last summer. But he's still living in his house. He's using the extra cash to invest in his business, take the family out for steaks, and even gamble at the Hard Rock Casino.

Who's fault is this? Pemberton blames the lenders for his inability to afford his mortgage... "They're all crooks."

His mother, Wendy Pemberton, has been in default since spring 2008. She refinanced several times to pay for things like a new roof. "The longer I'm in foreclosure, the better," she said.

Another deadbeat, Jim Tsiogas, who lives on the coast south of St. Petersburg, blames his lenders for being unwilling to help when the crash began and his properties needed shoring up.

Their attitude seems to have changed since he went into foreclosure. Now their letters say things like “we’re willing to work with you.” But Mr. Tsiogas feels little urge to respond.

“I need another year,” he said, “and I’m going to be pretty comfortable.”

The whole thing is both repulsive and enlightening.