Jingle Bells – walking away from debt
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- Date published:
1:30 pm, December 24th, 2009 - 5 comments
Categories: law -
Tags: debt, mortgage
In the US it is easier than NZ for home-owners to walk away using the jingle mail options in the US. However in NZ it is far too easy for businesses to do the same.
Slate Magazines article “Everyone’s Defaulting, Why Don’t You?” by Daniel Gross points out the absurdity of expecting home owners hit by the dropping house prices and recession from doing a strategic default when business people seem to feel little compunction about doing the same.
Strategic defaults—the phenomenon of people who could continue to make payments on the mortgages on their homes deciding to walk away from their obligations—are rising. According to the Wall Street Journal, strategic defaults are likely to exceed 1 million in 2009. This is making some worry about the very future of capitalism.
Daniel then lays into the critics because as he points out the double standard that is being applied.
Um, do any of these people read the Wall Street Journal? Strategic defaults are the American way, and I’m not talking about strapped middle-class borrowers who prefer spending money on vacations to staying current on their payments. Deep-pocketed companies, billionaires, and institutions that can afford to stay current on payments strategically default all the time.
Morgan Stanley, for example, is a gigantic corporation. As of the second quarter, it boasted total capital of $213.2 billion. It certainly has the ability to make good on obligations incurred by its many operating units. But earlier this month Morgan Stanley said it would turn over five San Francisco office buildings to lenders rather than pay the debt on them. Why? Morgan Stanley foolishly paid top dollar for the buildings in 2007, when prices were really high. The values have plummeted, and tenants are hard to come by. “This isn’t a default or foreclosure situation,” spokeswoman Alyson Barnes told Bloomberg News. “We are going to give them the properties to get out of the loan obligation.” Smells like a strategic default to me.
It’s not just happening in real estate. According to Standard & Poor’s, through Dec. 18, 262 corporations had defaulted on bonds they had sold to the public, twice the total of 2008 and “the highest default count since our series began in 1981.” Like mortgages, corporate bonds are legal arrangements in which parties—in this case companies, or partnerships, or limited liability corporations—agree to pay money back.
Daniel continues with a number of other representative strategic defaults and then points out
Sometimes, investors and managers take heroic, self-abnegating efforts to stave off bankruptcy and make their debt payments. Frequently, however, they don’t. They don’t want to throw good money after bad. They realize that some investments were so poorly conceived that there’s no prospect of them working out in the long term. And the system doesn’t hold it against them.
There’s no doubt that homeowners are defaulting strategically. And the surprise may be that, given market conditions, there aren’t more strategic defaults. A paper by University of Arizona law professor Brent White suggests that bourgeois values are actually keeping people from walking away from bad home loans. Most people underwater on their mortgages stay current “as a result of two emotional forces: 1) the desire to avoid the shame and guilt of foreclosure; and 2) exaggerated anxiety over foreclosure’s perceived consequences.” In addition, he notes, societal norms push individuals “to ignore market and legal norms under which strategic default might not only be a viable option, but also the wisest financial decision.”
In New Zealand there are similar examples of directors and managers walking away from their obligations, notably in the finance company sector. These were investments being sold to the public as being solid risk-free investments. Most weren’t. The freezes on being able to withdraw money from them has caused considerable problems for their largely retired investors. For instance this comment in one of our posts by Kathy
I thought you may be interested to know that a large majority of the people that I know of, who invested in the Canterbury Mortgage Trust fund, were elderly people who had no knowledge of investments, apart from a term deposit in a Bank. However, at the encouragement of their ‘legal advisors’ (Solicitors), the CMT was put forward as a safe place for their money. Older people are from the generation where they trusted their Solicitor! These elderly folk are the ones in rest homes some with dementia, alzheimer’s, etc. who were relying on their funds to pay for their retirement needs and care. My mother was one of these elderly people she died the day after CMT froze their funds (24/07/2009) and they refused to release her funeral funds. I have no doubt there have been many other ‘codgers’ who have been equally and worse affected by the CMT mess. These are the voices we cannot hear.
This entire area of our economy should be much more tightly regulated, and if the NACT government takes up some of the recent recommendations, it may even happen. Of course the NACTs aren’t known for being tough on their contributors. They prefer easier targets amongst beneficeries.
NZ has much tougher regulations about walking away from mortgage debt than the US has. Now it is time to impose similar levels of regulation and obligation on the cowboys in the non-stock market companies.
Hat-tip: Pascals Bookie
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- Further environmental mismanagement on the cardsThe Government’s resource management reforms will add to the heavy and ever-growing burden this Government is loading on to our environment. ...2 weeks ago
- Release: RMA changes will be a disaster for environmentThe Government is making short-sighted changes to the Resource Management Act (RMA) that will take away environmental protection in favour of short-term profits, Labour’s environment spokesperson Rachel Brooking said today. ...2 weeks ago
- Release: Labour supports urgent changes to emergency management systemLabour welcomes the release of the report into the North Island weather events and looks forward to working with the Government to ensure that New Zealand is as prepared as it can be for the next natural disaster. ...2 weeks ago
- Release: Labour calls for New Zealand to recognise PalestineThe Labour Party has called for the New Zealand Government to recognise Palestine, as a material step towards progressing the two-State solution needed to achieve a lasting peace in the region. ...2 weeks ago
- Release: Three strikes law political posturing of worst kindThe Government is bringing back a law that has little evidential backing just to look tough, Labour justice spokesperson Duncan Webb said. ...2 weeks ago
- Release: Government cuts unbelievably target child exploitation, violent extremism, ports and airpor...Some of our country’s most important work, stopping the sexual exploitation of children and violent extremism could go along with staff on the frontline at ports and airports. ...2 weeks ago
- Three strikes has failed before and will fail againResurrecting the archaic three-strikes legislation is an unwelcome return to a failed American-style approach to justice. ...2 weeks ago
- Release: Environmental protection vital, not ‘onerous’The Government’s Fast Track Approvals Bill will give projects such as new coal mines a ‘get out of jail free’ card to wreak havoc on the environment, Labour Leader Chris Hipkins said today. ...2 weeks ago
- Ferris – Three Strikes targets those ‘too brown to be white’The government's decision to reintroduce Three Strikes is a destructive and ineffective piece of law-making that will only exacerbate an inherently biased and racist criminal justice system, said Te Pāti Māori Justice Spokesperson, Tākuta Ferris, today. During the time Three Strikes was in place in Aotearoa, Māori and Pasifika received ...2 weeks ago
- Release: Govt cuts doctors and nurses in hiring freezeCuts to frontline hospital staff are not only a broken election promise, it shows the reckless tax cuts have well and truly hit the frontline of the health system, says Labour Health spokesperson Ayesha Verrall. ...2 weeks ago
- Fast-track submissions period must be extendedThe Green Party has joined the call for public submissions on the fast-track legislation to be extended after the Ombudsman forced the Government to release the list of organisations invited to apply just hours before submissions close. ...2 weeks ago
- Release: Progress on climate will be undone by GovtNew Zealand’s good work at reducing climate emissions for three years in a row will be undone by the National government’s lack of ambition and scrapping programmes that were making a difference, Labour Party climate spokesperson Megan Woods said today. ...2 weeks ago
- Release: Dark day for Kiwi kids as a third of Govt cuts affect themNews that 1000 jobs at the Ministry of Education and Oranga Tamariki could go is devastating for future generations of New Zealanders. ...3 weeks ago
- Release: Alarm as Government signals further blow to school lunchesMore essential jobs could be on the chopping block, this time Ministry of Education staff on the school lunches team are set to find out whether they're in line to lose their jobs. ...3 weeks ago
- Oranga Tamariki cuts commit tamariki to state abuseTe Pāti Māori is disgusted at the confirmation that hundreds are set to lose their jobs at Oranga Tamariki, and the disestablishment of the Treaty Response Unit. “This act of absolute carelessness and out of touch decision making is committing tamariki to state abuse.” Said Te Pāti Māori Oranga Tamariki ...3 weeks ago
- Release: Quick, submit – stop Govt’s dodgy approvals billThe Government is trying to bring in a law that will allow Ministers to cut corners and kill off native species, Labour environment spokesperson Rachel Brooking said. ...3 weeks ago
- Government throws coal on the climate crisis fireThe Government’s policy announced today to ease consenting for coal mining will have a lasting impact across generations. ...3 weeks ago
- Agreement delivers Local Water Done Well for Auckland
The Government has delivered on its election promise to provide a financially sustainable model for Auckland under its Local Water Done Well plan. The plan, which has been unanimously endorsed by Auckland Council’s Governing Body, will see Aucklanders avoid the previously projected 25.8 per cent water rates increases while retaining ...13 hours ago - Gaza and the Pacific on the agenda with GermanyForeign Minister Winston Peters discussed the need for an immediate ceasefire in Gaza, and enhanced cooperation in the Pacific with German Foreign Minister Annalena Baerbock during her first official visit to New Zealand today. "New Zealand and Germany enjoy shared interests and values, including the rule of law, democracy, respect for the international system ...1 day ago
- Decision allows for housing growth in Western Bay of PlentyThe Minister Responsible for RMA Reform, Chris Bishop today released his decision on four recommendations referred to him by the Western Bay of Plenty District Council, opening the door to housing growth in the area. The Council’s Plan Change 92 allows more homes to be built in existing and new ...3 days ago
- Speech to New Zealand China CouncilThank you, John McKinnon and the New Zealand China Council for the invitation to speak to you today. Thank you too, all members of the China Council. Your effort has played an essential role in helping to build, shape, and grow a balanced and resilient relationship between our two ...3 days ago
- Modern insurance law will protect Kiwi householdsThe Government is modernising insurance law to better protect Kiwis and provide security in the event of a disaster, Commerce and Consumer Affairs Minister Andrew Bayly announced today. “These reforms are long overdue. New Zealand’s insurance law is complicated and dated, some of which is more than 100 years old. ...3 days ago
- Government recommits to equal payThe coalition Government is refreshing its approach to supporting pay equity claims as time-limited funding for the Pay Equity Taskforce comes to an end, Public Service Minister Nicola Willis says. “Three years ago, the then-government introduced changes to the Equal Pay Act to support pay equity bargaining. The changes were ...3 days ago
- Transforming how our children learn to readStructured literacy will change the way New Zealand children learn to read - improving achievement and setting students up for success, Education Minister Erica Stanford says. “Being able to read and write is a fundamental life skill that too many young people are missing out on. Recent data shows that ...3 days ago
- NZ not backing down in Canada dairy disputeTrade Minister Todd McClay says Canada’s refusal to comply in full with a CPTPP trade dispute ruling in our favour over dairy trade is cynical and New Zealand has no intention of backing down. Mr McClay said he has asked for urgent legal advice in respect of our ‘next move’ ...4 days ago
- Stronger oversight for our most vulnerable childrenThe rights of our children and young people will be enhanced by changes the coalition Government will make to strengthen oversight of the Oranga Tamariki system, including restoring a single Children’s Commissioner. “The Government is committed to delivering better public services that care for our most at-risk young people and ...4 days ago
- Streamlining Building Consent ChangesThe Government is making it easier for minor changes to be made to a building consent so building a home is easier and more affordable, Building and Construction Minister Chris Penk says. “The coalition Government is focused on making it easier and cheaper to build homes so we can ...4 days ago
- Minister acknowledges passing of Sir Robert Martin (KNZM)New Zealand lost a true legend when internationally renowned disability advocate Sir Robert Martin (KNZM) passed away at his home in Whanganui last night, Disabilities Issues Minister Louise Upston says. “Our Government’s thoughts are with his wife Lynda, family and community, those he has worked with, the disability community in ...4 days ago
- Speech to New Zealand Institute of International Affairs, Parliament – Annual Lecture: Challenges ...Good evening – Before discussing the challenges and opportunities facing New Zealand’s foreign policy, we’d like to first acknowledge the New Zealand Institute of International Affairs. You have contributed to debates about New Zealand foreign policy over a long period of time, and we thank you for hosting us. ...4 days ago
- Accelerating airport security linesFrom today, passengers travelling internationally from Auckland Airport will be able to keep laptops and liquids in their carry-on bags for security screening thanks to new technology, Transport Minister Simeon Brown says. “Creating a more efficient and seamless travel experience is important for holidaymakers and businesses, enabling faster movement through ...4 days ago
- Community hui to talk about kina barrensPeople with an interest in the health of Northland’s marine ecosystems are invited to a public meeting to discuss how to deal with kina barrens, Oceans and Fisheries Minister Shane Jones says. Mr Jones will lead the discussion, which will take place on Friday, 10 May, at Awanui Hotel in ...5 days ago
- Kiwi exporters win as NZ-EU FTA enters into forceKiwi exporters are $100 million better off today with the NZ EU FTA entering into force says Trade Minister Todd McClay. “This is all part of our plan to grow the economy. New Zealand's prosperity depends on international trade, making up 60 per cent of the country’s total economic activity. ...5 days ago
- Mining resurgence a welcome signThere are heartening signs that the extractive sector is once again becoming an attractive prospect for investors and a source of economic prosperity for New Zealand, Resources Minister Shane Jones says. “The beginnings of a resurgence in extractive industries are apparent in media reports of the sector in the past ...5 days ago
- Ō-Rākau Remembrance Bill passes first readingThe return of the historic Ō-Rākau battle site to the descendants of those who fought there moved one step closer today with the first reading of Te Pire mō Ō-Rākau, Te Pae o Maumahara / The Ō-Rākau Remembrance Bill. The Bill will entrust the 9.7-hectare battle site, five kilometres west ...5 days ago
- Government to boost public EV charging networkEnergy Minister Simeon Brown has announced 25 new high-speed EV charging hubs along key routes between major urban centres and outlined the Government’s plan to supercharge New Zealand’s EV infrastructure. The hubs will each have several chargers and be capable of charging at least four – and up to 10 ...5 days ago
- Residential Property Managers Bill to not progressThe coalition Government will not proceed with the previous Government’s plans to regulate residential property managers, Housing Minister Chris Bishop says. “I have written to the Chairperson of the Social Services and Community Committee to inform him that the Government does not intend to support the Residential Property Managers Bill ...5 days ago
- Independent review into disability support servicesThe Government has announced an independent review into the disability support system funded by the Ministry of Disabled People – Whaikaha. Disability Issues Minister Louise Upston says the review will look at what can be done to strengthen the long-term sustainability of Disability Support Services to provide disabled people and ...6 days ago
- Justice Minister updates UN on law & order planJustice Minister Paul Goldsmith has attended the Universal Periodic Review in Geneva and outlined the Government’s plan to restore law and order. “Speaking to the United Nations Human Rights Council provided us with an opportunity to present New Zealand’s human rights progress, priorities, and challenges, while responding to issues and ...6 days ago
- Ending emergency housing motels in RotoruaThe Government and Rotorua Lakes Council are committed to working closely together to end the use of contracted emergency housing motels in Rotorua. Associate Minister of Housing (Social Housing) Tama Potaka says the Government remains committed to ending the long-term use of contracted emergency housing motels in Rotorua by the ...6 days ago
- Trade Minister travels to Riyadh, OECD, and DubaiTrade Minister Todd McClay heads overseas today for high-level trade talks in the Gulf region, and a key OECD meeting in Paris. Mr McClay will travel to Riyadh to meet with counterparts from Saudi Arabia and the Gulf Cooperation Council (GCC). “New Zealand’s goods and services exports to the Gulf region ...6 days ago
- Education priorities focused on lifting achievementEducation Minister Erica Stanford has outlined six education priorities to deliver a world-leading education system that sets Kiwi kids up for future success. “I’m putting ambition, achievement and outcomes at the heart of our education system. I want every child to be inspired and engaged in their learning so they ...6 days ago
- NZTA App first step towards digital driver licenceThe new NZ Transport Agency (NZTA) App is a secure ‘one stop shop’ to provide the services drivers need, Transport Minister Simeon Brown and Digitising Government Minister Judith Collins say. “The NZTA App will enable an easier way for Kiwis to pay for Vehicle Registration and Road User Charges (RUC). ...6 days ago
- Supporting whānau out of emergency housingWhānau with tamariki growing up in emergency housing motels will be prioritised for social housing starting this week, says Associate Housing Minister Tama Potaka. “Giving these whānau a better opportunity to build healthy stable lives for themselves and future generations is an essential part of the Government’s goal of reducing ...6 days ago
- Tribute to Dave O'SullivanRacing Minister Winston Peters has paid tribute to an icon of the industry with the recent passing of Dave O’Sullivan (OBE). “Our sympathies are with the O’Sullivan family with the sad news of Dave O’Sullivan’s recent passing,” Mr Peters says. “His contribution to racing, initially as a jockey and then ...6 days ago
- Speech – Eid al-FitrAssalaamu alaikum, greetings to you all. Eid Mubarak, everyone! I want to extend my warmest wishes to you and everyone celebrating this joyous occasion. It is a pleasure to be here. I have enjoyed Eid celebrations at Parliament before, but this is my first time joining you as the Minister ...7 days ago
- Government saves access to medicinesAssociate Health Minister David Seymour has announced Pharmac’s largest ever budget of $6.294 billion over four years, fixing a $1.774 billion fiscal cliff. “Access to medicines is a crucial part of many Kiwis’ lives. We’ve committed to a budget allocation of $1.774 billion over four years so Kiwis are ...7 days ago
- Pharmac Chair appointedHon Paula Bennett has been appointed as member and chair of the Pharmac board, Associate Health Minister David Seymour announced today. "Pharmac is a critical part of New Zealand's health system and plays a significant role in ensuring that Kiwis have the best possible access to medicines,” says Mr Seymour. ...1 week ago
- Taking action on Fetal Alcohol Spectrum DisorderHundreds of New Zealand families affected by Fetal Alcohol Spectrum Disorder (FASD) will benefit from a new Government focus on prevention and treatment, says Health Minister Dr Shane Reti. “We know FASD is a leading cause of preventable intellectual and neurodevelopmental disability in New Zealand,” Dr Reti says. “Every day, ...1 week ago
- New sports complex opens in KaikoheRegional Development Minister Shane Jones today attended the official opening of Kaikohe’s new $14.7 million sports complex. “The completion of the Kaikohe Multi Sports Complex is a fantastic achievement for the Far North,” Mr Jones says. “This facility not only fulfils a long-held dream for local athletes, but also creates ...1 week ago
- Diplomacy needed more than everForeign Minister Winston Peters’ engagements in Türkiye this week underlined the importance of diplomacy to meet growing global challenges. “Returning to the Gallipoli Peninsula to represent New Zealand at Anzac commemorations was a sombre reminder of the critical importance of diplomacy for de-escalating conflicts and easing tensions,” Mr Peters ...1 week ago
- Anzac Commemorative Address, Buttes New British Cemetery BelgiumAmbassador Millar, Burgemeester, Vandepitte, Excellencies, military representatives, distinguished guests, ladies and gentlemen – good morning and welcome to this sacred Anzac Day dawn service. It is an honour to be here on behalf of the Government and people of New Zealand at Buttes New British Cemetery, Polygon Wood – a deeply ...1 week ago
- Anzac Commemorative Address – NZ National Service, Chunuk BairDistinguished guests - It is an honour to return once again to this site which, as the resting place for so many of our war-dead, has become a sacred place for generations of New Zealanders. Our presence here and at the other special spaces of Gallipoli is made ...1 week ago
- Anzac Commemorative Address – Dawn Service, Gallipoli, TürkiyeMai ia tawhiti pamamao, te moana nui a Kiwa, kua tae whakaiti mai matou, ki to koutou papa whenua. No koutou te tapuwae, no matou te tapuwae, kua honoa pumautia. Ko nga toa kua hinga nei, o te Waipounamu, o te Ika a Maui, he okioki tahi me o ...1 week ago
- PM announces changes to portfoliosPaul Goldsmith will take on responsibility for the Media and Communications portfolio, while Louise Upston will pick up the Disability Issues portfolio, Prime Minister Christopher Luxon announced today. “Our Government is relentlessly focused on getting New Zealand back on track. As issues change in prominence, I plan to adjust Ministerial ...2 weeks ago
- New catch limits for unique fishery areasRecreational catch limits will be reduced in areas of Fiordland and the Chatham Islands to help keep those fisheries healthy and sustainable, Oceans and Fisheries Minister Shane Jones says. The lower recreational daily catch limits for a range of finfish and shellfish species caught in the Fiordland Marine Area and ...2 weeks ago
- Minister welcomes hydrogen milestoneEnergy Minister Simeon Brown has welcomed an important milestone in New Zealand’s hydrogen future, with the opening of the country’s first network of hydrogen refuelling stations in Wiri. “I want to congratulate the team at Hiringa Energy and its partners K one W one (K1W1), Mitsui & Co New Zealand ...2 weeks ago
- Urgent changes to system through first RMA Amendment BillThe coalition Government is delivering on its commitment to improve resource management laws and give greater certainty to consent applicants, with a Bill to amend the Resource Management Act (RMA) expected to be introduced to Parliament next month. RMA Reform Minister Chris Bishop has today outlined the first RMA Amendment ...2 weeks ago
- Auckland Palestine rally honours Gaza journalists for freedom award
Asia Pacific Report About 500 people honoured Palestinian journalists in the heart of the New Zealand city of Auckland today for their brave coverage of Israel’s War on Gaza, now in its seventh month with almost 35,000 people killed, mostly women and children. Marking the annual May 3 World Press ...2 hours ago - GCSB foreign spying capability under scrutiny
The Government Communications Security Bureau denies hosting a foreign spying capability flagged by the watchdog, differentiating it from the system recently criticised. ...9 hours ago - Auckland academics call out university stance over pro-Palestine protestRNZ News A group of academic staff at New Zealand’s largest university have expressed concern at the administration’s move to block a protest encampment that was planned to take place on campus calling for support for the rights of Palestinians. This week, the University of Auckland warned that while it ...12 hours ago
- Auckland's new water plan unveiled by Mayor Wayne Brown and Local Government Minister Simeon Br...The government claims Aucklanders will avoid a projected 25.8 percent water rates increase with the coalition's Local Water Done Well plan. ...12 hours ago
- 'Māori Seabed, For Shore!' – Two decades on from the largest hīkoi in a generationTwenty years has passed since the historic hīkoi against the controversial Foreshore and Seabed Act reached Parliament. ...17 hours ago
- An Ode to .. Julie Anne Genter
Genterwocky After a hard days marching, Sir Doocey calls in at the Village Tavern For a pint of ale and a pork pie. The grim villagers stare at him. “Do not be travelling on the forest road,” warns a crusty old beak. “And why is that, antique peasant?” Grins Sir ...17 hours ago - National aims high while struggling to take offPolitical conferences after a party returns to power are usually a chance for some healthy, even unhealthy backslapping. Yet National Party president Sylvia Wood’s address to its mainland representatives on Saturday hardly contained the unalloyed delight that one might have expected following National’s escape from the wilderness of opposition. Yes, ...17 hours ago
- Real journalists can lead the war against deepfakesComment: Almost half the world is voting in national elections this year and artificial intelligence is the elephant in the room. There are genuine fears AI-generated or AI-edited deepfakes will potentially manipulate election outcomes not just in the US and UK, but critically in countries such as India. For that ...19 hours ago
- Meet the cast of Married at First Sight NZ for 2024
Ahead of the reality franchise’s return to New Zealand, allow us to introduce the eight brides and grooms. Chuck on a veil and tie back your man bun, because it’s time to say “I do” to a new season of Married at First Sight NZ. The reality TV “social experiment” ...20 hours ago - The good news is the government plans to cancel $3 billion in student debt. The bad news is indexati...Source: The Conversation (Au and NZ) – By Andrew Norton, Professor in the Practice of Higher Education Policy, Australian National University Every year on June 1, student debt in Australia is indexed to inflation. In 2023, high inflation pushed the indexation rate to 7.1%, the highest since 1990. This ...22 hours ago
- Albanese government to wipe $3 billion in student debt, benefitting three million peopleSource: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Changes in the May 14 budget will cut the student debt of more than three million people, wiping more than $3 billion from what people owe. The government will cap the HELP indexation rate ...1 day ago
- ICC demands end to threats against court amid Gaza war probeAsia Pacific Report The prosecutor’s office at the International Criminal Court (ICC) has appealed for an end to what it calls intimidation of its staff, saying such threats could constitute an offence against the “administration of justice” by the world’s permanent war crimes court. The Hague-based office of ICC Prosecutor ...1 day ago
- New Caledonia’s women sit-in to support smeared Kanak journalistBy Patrick Decloitre, RNZ Pacific correspondent French Pacific desk A women’s union in New Caledonia has staged a sit-in protest this week to support senior Kanak indigenous journalist Thérèse Waia, who works for public broadcaster Nouvelle-Calédonie la Première, after a smear attack by critics. The peaceful demonstration was held on ...1 day ago
- New Zealand signs deal with Germany on Antarctica cooperationThe memorandum of understanding with Germany's Alfred Wegener Institute is expected to foster cooperation between the two polar science bodies. ...1 day ago
- NZ food safety agency monitoring Indian spice mix recallsNew Zealand Food Safety is monitoring overseas recalls of Indian packaged spice products manufactured by MDH and Everest due to concerns over a cancer-causing pesticide. ...1 day ago
- Fiji’s media freedom ranking jumps, Papua New Guinea’s plummetsBy Stephen Wright and Stefan Armbruster of BenarNews Fiji’s ranking in a global press freedom index has jumped into the top tier of countries with free or mostly free media after its government last year repealed a draconian law that threatened journalists with prison for doing their jobs. Fiji’s improvement ...2 days ago
- The Boy in the Water: ‘I just can’t do this anymore’We might be in Invercargill but all anyone can talk about is Gore. Specifically, Salford Street. That’s where three-year-old Lachlan Jones lived, south of the centre of town, between the A&P Showgrounds and the Mataura River. Roughly 1.2 km away from the single level home he lived in with his ...2 days ago
- 'Data is the new oil': Call to save jobs of data security guardsNew Zealanders' data is at risk with the government's "unintelligent" proposal to cut information security jobs, the Privacy Foundation says. ...2 days ago
- The Secret Diary of .. Coalition Sheriff LuxonMONDAY I lined up the latest round of civil servants from city hall against the wall, and signalled for the firing squad to drop their rifles. I stepped up onto a wooden crate to look at the office workers in the eye. But that didn’t feel right, so I found ...2 days ago
- Liam Hewson seeks answers in natureKeen hiker and second-year MSc student Liam Hewson wears two hats when he’s in the great outdoors. “The scientist in me appreciates nature and goes, ‘Oh, there’s that thing and there’s another thing,’ but then the tramper and the outdoorsy person in me thinks, ‘Cool bush.’” Born and bred in ...2 days ago
- Dan Carter won’t stop kickingAfter a long and illustrious career as a goal kicker, Dan Carter’s favourite way to unwind is… kicking goals. Why can’t he get enough of it? And what it’s like to watch him do it for an hour straight? A semicircle of people wielding cameras and phones has formed in ...2 days ago
- ‘Everybody rolls their eyes’: Dame Susan Devoy’s guilty TV pleasureDame Susan Devoy takes us through her life in television, including late night ER debriefs, her proudest CTI moment and the show she watches in secret. Quite aside from her four world champion squash titles, Dame Susan Devoy will likely go down in history as one of the best Celebrity ...2 days ago
- Dunedin’s secondhand bookshops, ranked and reviewedHera Lindsay Bird reveals the best places in Ōtepoti to score more for your apocalypse-prep book hoard. Sometimes I get the feeling I’ve been killed in a car crash, and this second half of my life is just the brain unspooling itself, like one of those episodes of a hospital ...2 days ago
- Review: High Country is the ideal crime drama for a cold winter nightThreeNow’s new murder mystery series takes us on a dark, damp journey into the Australian wilderness. This is an excerpt from our weekly pop culture newsletter Rec Room. Sign up here. High Country is ThreeNow’s new Australian eight-part crime drama, set in a remote part of the Victorian highlands. It tells ...2 days ago
- Welcome to The WeekendIntroducing a new way to read The Spinoff every weekend. After nearly 10 years of being an online magazine, we’re finally embracing the weekend liftout. Despite our best efforts to convince you otherwise, writers and editors at The Spinoff don’t work weekend. It is through the sheer power of technology ...2 days ago
- Tips and tricks for when your therapist looks like your dadTip one: let yourself be nurtured by this big old man. Tip two: don’t ask him to adopt you. So, you’ve arrived at your first session with a new therapist. He tells you to make yourself comfortable and you opt for the tweed armchair, hoping it makes you look like ...2 days ago
- The Sunday Essay: The books that electrify and consume youI didn’t know books could open you back up; that there were books that stayed with you, where reading was like a chemical event. I knew nothing. The Sunday Essay is made possible thanks to the support of Creative New Zealand. Not too long ago, I was listening to the American ...2 days ago
- Short story: The boat in the shed, by Kyle MewburnEveryone thinks he’s dead. Every day they expect his body to be washed up along the coast. Most likely up Karitane way, the way the tide’s running. But nobody’ll be too surprised if his body’s never found. Even in death he wouldn’t have wished for such attention. He would have ...2 days ago
- The Enhanced games, where drug use isn’t cheatingFormer Olympic swimmer James Magnussen has already started training for the Enhanced games, though says he won’t start taking performance enhancing substances until about nine months out from the competition. The Australian world champion was the first athlete to be announced by Enhanced, but he says the organisation has had ...2 days ago
- USP Council votes to bring controversial VC back to FijiCouncil members voted 21 to 4 in favour of Ahluwalia returning to the Laucala campus following a much-awaited meeting in Vanuatu this week. It comes as USP and its two unions — the Association of the University of the South Pacific Staff (AUSPS) and the Administration and Support Staff Union ...2 days ago
- Public health expert urges govt to focus on disease preventionThe government needs to step up in the wake of a report showing a third of Kiwis have unmet health needs, Professor Boyd Swinburn says. ...2 days ago
- Figures like Andrew Tate may help spread misogyny. But they’re amplifying – not causing – the ...Source: The Conversation (Au and NZ) – By Nicola Henry, Professor & Australian Research Council Future Fellow, Social and Global Studies Centre, RMIT University Shutterstock Following an emergency meeting of the National Cabinet this week, Prime Minister Anthony Albanese has announced a raft of measures to tackle the problem ...2 days ago
- Free speech debate back on as Victoria University expands diversity on panelA perceived right-wing bias and concerns about panellist diversity have pushed Victoria University to reformat its debate. ...2 days ago
- Week in Politics: Polls, pay rises and a Green MP in troubleAnalysis - A poll showing the opposition is more popular than the government raises questions, politicians go through their 'trial by pay rise' and a Green MP loses her cool in the debating chamber. ...2 days ago
- Māori win customary title over Tokomaru Bay on East CoastThe entire stretch of Tokomaru Bay on the East Coast will be subject to a joint customary marine title for two hapū, and extending up to four miles out to sea. A High Court judge has found the two groups, who during the case settled a dispute over boundaries for ...2 days ago
- Universal’s music is returning to TikTok, ending a spat that hurt fans more than anyoneSource: The Conversation (Au and NZ) – By James Hall, Lecturer, Media & Cultural Studies, Edith Cowan University A longstanding feud between TikTok and Universal Music Group seems to have finally reached an end, with both parties signing a deal that will see Universal-backed music returned to the social media ...2 days ago
- To tackle gendered violence, we also need to look at drugs, trauma and mental healthSource: The Conversation (Au and NZ) – By Siobhan O’Dean, Postdoctoral Research Associate, The Matilda Centre for Research in Mental Health and Substance Use, University of Sydney After several highly publicised alleged murders of women in Australia, the Albanese government this week pledged more than A$925 million over five years ...2 days ago
- National raised $10.4m in donations in 2023Political parties have now fully disclosed the donations they received last year - with National getting more than double the cash of any other party. ...2 days ago
- Don't 'mistake' Pacific leaders 'quietness' on AUKUS as support for NZ'...A Pacific regionalism expert has called out New Zealand's Foreign Affairs Minister Winston Peters for withholding information from the public on AUKUS military pact. ...2 days ago
- Florist says Julie Anne Genter exchange was 'massive imbalance of power'The Wellington woman says she felt degraded and humiliated after being confronted by the Green MP. ...2 days ago
- China’s new Moon mission is about to launch, and it’s a rare example of countries working togeth...Source: The Conversation (Au and NZ) – By Richard de Grijs, Professor of Astrophysics, Macquarie University Bruno Scramgnon/Pexels All systems are “go” for tonight’s launch of China’s next step in a carefully planned lunar exploration program. Placed on top of a powerful Long March 5 rocket, the Chang’e 6 ...2 days ago
- National returned $200,000 donation day after Newsroom storyNational returned a massive donation the day after a Newsroom story linked the donors to a property being investigated for operating unlawfully as a migrant workers’ hostel. The party’s 2023 donation filings, released on Friday, show it returned a $200,000 donation from Buen Holdings on August 23. That was the ...2 days ago
- NZ slumps to 19th as RSF says press freedom threatened by global declinePacific Media Watch New Zealand has slumped to an unprecedented 19th place in the annual Reporters Without Borders World Press Freedom Index survey released today on World Press Freedom Day — May 3. This was a drop of six places from 13th last year when it slipped out of its ...2 days ago
- Access to documents about Australia’s political history is fraught and inadequate. It needs to cha...Source: The Conversation (Au and NZ) – By Joshua Black, Political Historian and Administrator Officer, Australian Historical Association, Australian National University Australia has had its fair share of public record-keeping controversies in recent years. Some have been mere farce, as in the case of two formerly government-owned filing cabinets (containing ...2 days ago
- Greens have 'historically bad' start to the year – political scientistThe party has had faced a challenging set of circumstances over the past five months, Lara Greaves says. ...2 days ago
- HWPL Calls For Peace Amid Rising Tensions Between Israel And Iran
Heavenly Culture, World Peace, Restoration of Light (HWPL), a United Nations-affiliated organization dedicated to fostering peace through civilian-led initiatives, has issued a statement in response to the escalating conflict between Israel and Iran. ...2 days ago - The Friday Poem: ‘Mātou’ by Tessa KeenanA poem by Tessa Keenan, from AUP New Poets 10. Mātou These days we are a photograph; one of a farm strewn with cows that used to be bright harakeke or swamp. The kids point at it and say the sun sits behind a smudge (left by someone at Christmas); ...2 days ago
- The Unity Books bestseller chart for the week ending May 3The only published and available best-selling indie book chart in New Zealand is the top 10 sales list recorded every week at Unity Books’ stores in High St, Auckland, and Willis St, Wellington. AUCKLAND 1 Small Things Like These by Claire Keegan (Faber & Faber, $25) The masterful Irish writer ...2 days ago
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It makes sense. People with negative equity have nothing to loose if they do this. The point is well made that the traders and the bankers that hedged these people into 100% mortgages have no compunction in walking away when the ass falls out of their ventures. Corp America has set a standard of ethical behaviour that most people would not stoop to – but why not?
If that really catches on as a trend, wow, look out!
lprent
Here if the mortgagee sale results in the property selling for less than the mortgage the difference is still pinned to the mortgagor as a debt. The option from here still exists to go into bankruptcy creating ultimately the same effect as in the US. There really is only “shame” and restrictions around owning companies to deal with for a few years after that.
From memory, they also pin a substantial part of the ‘costs’ from the bank on it as well. It isn’t just the difference between the mortgage and the sale price.
I could be wrong on this as I was looking at a number of countries laws when I was reading on it years ago.
During my leaky home saga, there were a number of times that I was sorely tempted to walk away. Fortunately the defendants decided to settle just prior to the court case. But it was years of stress for something that I didn’t initiate or control. It is also something that I’ve had real difficulties even writing about in the months since settlement.
Thanks so much for your blog! There is so much great info!
Have you ever heard of the process on this website? http://www.thehomeownershipprogram.com/#step
I am going through the process now and am curious to hear what you (or anyone) thinks about it.