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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- 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. ...1 week 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. ...1 week 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. ...1 week 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. ...1 week ago
- Release: Public transport costs to double as National looks at unaffordable roading project insteadCancelling urgently needed new Cook Strait ferries and hiking the cost of public transport for many Kiwis so that National can announce the prospect of another tunnel for Wellington is not making good choices, Labour Transport Spokesperson Tangi Utikere said. ...1 week ago
- Release: Cost of living in Auckland still not a priorityA laundry list of additional costs for Tāmaki Makarau Auckland shows the Minister for the city is not delivering for the people who live there, says Labour Auckland Issues spokesperson Shanan Halbert. ...2 weeks ago
- Greens look to fast-track submissions on harmful lawThe Green Party has today launched a step-by-step guide to help New Zealanders make their voice heard on the Government’s democracy dodging and anti-environment fast track legislation. ...2 weeks ago
- Release: Govt should stop making people’s lives harder and build more homesThe National Government’s proposed changes to the Residential Tenancies Act will mean tenants can be turfed from their homes by landlords with little notice, Labour housing spokesperson Kieran McAnulty said. ...2 weeks ago
- Release: Melissa Lee missing in action on mediaThe action Melissa Lee promised to protect democracy and the media sector is missing, Media and Communications spokesperson Willie Jackson said. ...2 weeks ago
- Landlord Government leaves little hope for rentersThe Government’s announcement on tenancy rules prove that it does not care about renters. ...2 weeks ago
- Opportunity to build a more sustainable economyGreen Party co-leader Marama Davidson is calling on all parties to support a common-sense change that’s great for the planet and great for consumers after her member’s bill was drawn from the ballot today. ...2 weeks ago
- Significant step forward in fixing cruel and unjust pastA significant milestone has been reached in the fight to strike an anti-Pasifika and unfair law from the country’s books after Teanau Tuiono’s members’ bill passed its first reading. ...2 weeks ago
- Missed opportunity but NZ will surely one day recognise the right to a sustainable environmentNew Zealand has today missed the opportunity to uphold the right to a clean, healthy, and sustainable environment, says James Shaw after his member’s bill was voted down in its first reading. ...2 weeks ago
- Release: Don’t cut our lunches – clear message sent to GovernmentTens of thousands of people are demanding the Government commits to fully funding free and healthy school lunches. ...2 weeks ago
- Release: Govt makes U-turn on Suicide Prevention OfficeLabour welcomes the Government’s U-turn on the closure of the Suicide Prevention Office, says Labour Mental Health spokesperson Ingrid Leary. ...2 weeks ago
- CCC issues warning over further climate delayToday’s advice from the Climate Change Commission paints a sobering reality of the challenge we face in combating climate change, especially in light of recent Government policy announcements. ...2 weeks ago
- Luxon targets lame and lousy example of leadershipIf talk is cheap, Chris Luxon’s “targets” are bankrupt. ...2 weeks ago
- Luxon targets are lousy example of leadershipIf talk is cheap, Chris Luxon’s “targets” are bankrupt. ...2 weeks ago
- Release: Commitment to disability communities missing from Govt prioritiesMinister for Disability Issues Penny Simmonds appears to have delayed a report back to Cabinet on the progress New Zealand is making against international obligations for disabled New Zealanders. ...3 weeks ago
- Methane target review is dangerous duplicationThe Government’s newly announced review of methane emissions reduction targets hints at its desire to delay Aotearoa New Zealand’s urgent transition to a climate safe future, the Green Party said. ...3 weeks ago
- Anzac Commemorative Address – NZ National Service, Chunuk Bair
Distinguished 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 ...6 hours 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 ...12 hours 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 days 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 days 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 days 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 ...3 days ago
- Overseas decommissioning models consideredOverseas models for regulating the oil and gas sector, including their decommissioning regimes, are being carefully scrutinised as a potential template for New Zealand’s own sector, Resources Minister Shane Jones says. The Coalition Government is focused on rebuilding investor confidence in New Zealand’s energy sector as it looks to strengthen ...3 days ago
- Release of North Island Severe Weather Event InquiryEmergency Management and Recovery Minister Mark Mitchell has today released the Report of the Government Inquiry into the response to the North Island Severe Weather Events. “The report shows that New Zealand’s emergency management system is not fit-for-purpose and there are some significant gaps we need to address,” Mr Mitchell ...3 days ago
- Justice Minister to attend Human Rights CouncilJustice Minister Paul Goldsmith is today travelling to Europe where he’ll update the United Nations Human Rights Council on the Government’s work to restore law and order. “Attending the Universal Periodic Review in Geneva provides us with an opportunity to present New Zealand’s human rights progress, priorities, and challenges, while ...3 days ago
- Patterson reopens world’s largest wool scouring facilityAssociate Agriculture Minister, Mark Patterson, formally reopened the world’s largest wool processing facility today in Awatoto, Napier, following a $50 million rebuild and refurbishment project. “The reopening of this facility will significantly lift the economic opportunities available to New Zealand’s wool sector, which already accounts for 20 per cent of ...3 days ago
- Speech to the Southland Otago Regional Engineering Collective Summit, 18 April 2024Hon Andrew Bayly, Minister for Small Business and Manufacturing At the Southland Otago Regional Engineering Collective (SOREC) Summit, 18 April, Dunedin Ngā mihi nui, Ko Andrew Bayly aho, Ko Whanganui aho Good Afternoon and thank you for inviting me to open your summit today. I am delighted ...4 days ago
- Government to introduce revised Three Strikes lawThe Government is delivering on its commitment to bring back the Three Strikes legislation, Associate Justice Minister Nicole McKee announced today. “Our Government is committed to restoring law and order and enforcing appropriate consequences on criminals. We are making it clear that repeat serious violent or sexual offending is not ...4 days ago
- New diplomatic appointmentsForeign Minister Winston Peters has today announced four new diplomatic appointments for New Zealand’s overseas missions. “Our diplomats have a vital role in maintaining and protecting New Zealand’s interests around the world,” Mr Peters says. “I am pleased to announce the appointment of these senior diplomats from the ...4 days ago
- Humanitarian support for Ethiopia and SomaliaNew Zealand is contributing NZ$7 million to support communities affected by severe food insecurity and other urgent humanitarian needs in Ethiopia and Somalia, Foreign Minister Rt Hon Winston Peters announced today. “Over 21 million people are in need of humanitarian assistance across Ethiopia, with a further 6.9 million people ...4 days ago
- Arts Minister congratulates Mataaho CollectiveMinister for Arts, Culture and Heritage Paul Goldsmith is congratulating Mataaho Collective for winning the Golden Lion for best participant in the main exhibition at the Venice Biennale. "Congratulations to the Mataaho Collective for winning one of the world's most prestigious art prizes at the Venice Biennale. “It is good ...4 days ago
- Supporting better financial outcomes for KiwisThe Government is reforming financial services to improve access to home loans and other lending, and strengthen customer protections, Commerce and Consumer Affairs Minister Andrew Bayly and Housing Minister Chris Bishop announced today. “Our coalition Government is committed to rebuilding the economy and making life simpler by cutting red tape. We are ...5 days ago
- Trade relationship with China remains strong“China remains a strong commercial opportunity for Kiwi exporters as Chinese businesses and consumers continue to value our high-quality safe produce,” Trade and Agriculture Minister Todd McClay says. Mr McClay has returned to New Zealand following visits to Beijing, Harbin and Shanghai where he met ministers, governors and mayors and engaged in trade and agricultural events with the New ...5 days ago
- PM’s South East Asia mission does the businessPrime Minister Christopher Luxon has completed a successful trip to Singapore, Thailand and the Philippines, deepening relationships and capitalising on opportunities. Mr Luxon was accompanied by a business delegation and says the choice of countries represents the priority the New Zealand Government places on South East Asia, and our relationships in ...6 days ago
- $41m to support clean energy in South East AsiaNew Zealand is demonstrating its commitment to reducing global greenhouse emissions, and supporting clean energy transition in South East Asia, through a contribution of NZ$41 million (US$25 million) in climate finance to the Asian Development Bank (ADB)-led Energy Transition Mechanism (ETM). Prime Minister Christopher Luxon and Climate Change Minister Simon Watts announced ...6 days ago
- Minister releases Fast-track stakeholder listThe Government is today releasing a list of organisations who received letters about the Fast-track applications process, says RMA Reform Minister Chris Bishop. “Recently Ministers and agencies have received a series of OIA requests for a list of organisations to whom I wrote with information on applying to have a ...6 days ago
- Judicial appointments announcedAttorney-General Judith Collins today announced the appointment of Wellington Barrister David Jonathan Boldt as a Judge of the High Court, and the Honourable Justice Matthew Palmer as a Judge of the Court of Appeal. Justice Boldt graduated with an LLB from Victoria University of Wellington in 1990, and also holds ...7 days ago
- Education Minister heads to major teaching summit in SingaporeEducation Minister Erica Stanford will lead the New Zealand delegation at the 2024 International Summit on the Teaching Profession (ISTP) held in Singapore. The delegation includes representatives from the Post Primary Teachers’ Association (PPTA) Te Wehengarua and the New Zealand Educational Institute (NZEI) Te Riu Roa. The summit is co-hosted ...7 days ago
- Value of stopbank project proven during cycloneA stopbank upgrade project in Tairawhiti partly funded by the Government has increased flood resilience for around 7000ha of residential and horticultural land so far, Regional Development Minister Shane Jones says. Mr Jones today attended a dawn service in Gisborne to mark the end of the first stage of the ...7 days ago
- Anzac commemorations, Türkiye relationship focus of visitForeign Affairs Minister Winston Peters will represent the Government at Anzac Day commemorations on the Gallipoli Peninsula next week and engage with senior representatives of the Turkish government in Istanbul. “The Gallipoli campaign is a defining event in our history. It will be a privilege to share the occasion ...7 days ago
- Minister to Europe for OECD meeting, Anzac DayScience, Innovation and Technology and Defence Minister Judith Collins will next week attend the OECD Science and Technology Ministerial conference in Paris and Anzac Day commemorations in Belgium. “Science, innovation and technology have a major role to play in rebuilding our economy and achieving better health, environmental and social outcomes ...7 days ago
- Comprehensive Partnership the goal for NZ and the PhilippinesPrime Minister Christopher Luxon held a bilateral meeting today with the President of the Philippines, Ferdinand Marcos Jr. The Prime Minister was accompanied by MP Paulo Garcia, the first Filipino to be elected to a legislature outside the Philippines. During today’s meeting, Prime Minister Luxon and President Marcos Jr discussed opportunities to ...1 week ago
- Government commits $20m to Westport flood protectionThe Government has announced that $20 million in funding will be made available to Westport to fund much needed flood protection around the town. This measure will significantly improve the resilience of the community, says Local Government Minister Simeon Brown. “The Westport community has already been allocated almost $3 million ...1 week ago
- Taupō takes pole positionThe Government is proud to support the first ever Repco Supercars Championship event in Taupō as up to 70,000 motorsport fans attend the Taupō International Motorsport Park this weekend, says Economic Development Minister Melissa Lee. “Anticipation for the ITM Taupō Super400 is huge, with tickets and accommodation selling out weeks ...1 week ago
- Cost of living support for low-income homeownersLocal Government Minister Simeon Brown has announced an increase to the Rates Rebate Scheme, putting money back into the pockets of low-income homeowners. “The coalition Government is committed to bringing down the cost of living for New Zealanders. That includes targeted support for those Kiwis who are doing things tough, such ...1 week ago
- Government backing mussel spat projectThe Coalition Government is investing in a project to boost survival rates of New Zealand mussels and grow the industry, Oceans and Fisheries Minister Shane Jones has announced. “This project seeks to increase the resilience of our mussels and significantly boost the sector’s productivity,” Mr Jones says. “The project - ...1 week ago
- Government focused on getting people into workBenefit figures released today underscore the importance of the Government’s plan to rebuild the economy and have 50,000 fewer people on Jobseeker Support, Social Development and Employment Minister Louise Upston says. “Benefit numbers are still significantly higher than when National was last in government, when there was about 70,000 fewer ...1 week ago
- Clean energy key driver to reducing emissionsThe Government’s commitment to doubling New Zealand’s renewable energy capacity is backed by new data showing that clean energy has helped the country reach its lowest annual gross emissions since 1999, Climate Change Minister Simon Watts says. New Zealand’s latest Greenhouse Gas Inventory (1990-2022) published today, shows gross emissions fell ...1 week ago
- Earthquake-prone buildings review brought forwardThe Government is bringing the earthquake-prone building review forward, with work to start immediately, and extending the deadline for remediations by four years, Building and Construction Minister Chris Penk says. “Our Government is focused on rebuilding the economy. A key part of our plan is to cut red tape that ...1 week ago
- Thailand and NZ to agree to Strategic PartnershipPrime Minister Christopher Luxon and his Thai counterpart, Prime Minister Srettha Thavisin, have today agreed that New Zealand and the Kingdom of Thailand will upgrade the bilateral relationship to a Strategic Partnership by 2026. “New Zealand and Thailand have a lot to offer each other. We have a strong mutual desire to build ...1 week ago
- Government consults on extending coastal permits for portsRMA Reform Minister Chris Bishop and Transport Minister Simeon Brown have today announced the Coalition Government’s intention to extend port coastal permits for a further 20 years, providing port operators with certainty to continue their operations. “The introduction of the Resource Management Act in 1991 required ports to obtain coastal ...1 week ago
- Inflation coming down, but more work to doToday’s announcement that inflation is down to 4 per cent is encouraging news for Kiwis, but there is more work to be done - underlining the importance of the Government’s plan to get the economy back on track, acting Finance Minister Chris Bishop says. “Inflation is now at 4 per ...1 week ago
- School attendance restored as a priority in health adviceRefreshed health guidance released today will help parents and schools make informed decisions about whether their child needs to be in school, addressing one of the key issues affecting school attendance, says Associate Education Minister David Seymour. In recent years, consistently across all school terms, short-term illness or medical reasons ...1 week ago
- Unnecessary bureaucracy cut in oceans sectorOceans and Fisheries Minister Shane Jones is streamlining high-level oceans management while maintaining a focus on supporting the sector’s role in the export-led recovery of the economy. “I am working to realise the untapped potential of our fishing and aquaculture sector. To achieve that we need to be smarter with ...1 week ago
- Patterson promoting NZ’s wool sector at International CongressAssociate Agriculture Minister Mark Patterson is speaking at the International Wool Textile Organisation Congress in Adelaide, promoting New Zealand wool, and outlining the coalition Government’s support for the revitalisation the sector. "New Zealand’s wool exports reached $400 million in the year to 30 June 2023, and the coalition Government ...1 week ago
- Removing red tape to help early learners thriveThe Government is making legislative changes to make it easier for new early learning services to be established, and for existing services to operate, Associate Education Minister David Seymour says. The changes involve repealing the network approval provisions that apply when someone wants to establish a new early learning service, ...1 week ago
- Grattan on Friday: Social media companies can’t be immune from the need for a social licence
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra In the free-for-all between the Australian government and Big Tech boss Elon Musk this week, the government had to be on a winner. Most people would have little sympathy with Musk’s vociferous opposition to ...3 hours ago - Nelson Mandela’s grandson joins Gaza flotilla, slams ‘genocide complicit’ leadersAsia Pacific Report Chief Mandla Mandela, a member of the National Assembly of South Africa and Nelson Mandela’s grandson, has joined the Freedom Flotilla in istanbul as the ships prepare to sail for Gaza, reports Kia Ora Gaza. Mandela is also the ambassador for the Global Campaign to Return to ...7 hours ago
- 200 journalists ‘targeted’ over their environment reporting, warns RSFPacific Media Watch Journalists who report on environmental issues are encountering growing difficulties in many parts of the world, reports Reporters Without Borders. According to the tally kept by RSF, 200 journalists have been subjected to threats and physical violence, including murder, in the past 10 years because they were ...8 hours ago
- Bryce Edwards Analysis – Luxon’s ruthless show of strength is perfect for our angry eraAnalysis by Dr Bryce Edwards, Democracy Project (https://democracyproject.nz) Political scientist, Dr Bryce Edwards. Prime Minister Christopher Luxon has surprised everyone with his ruthlessness in sacking two of his ministers from their crucial portfolios. Removing ministers for poor performance after only five months in the job just doesn’t normally happen in ...8 hours ago
- David Seymour: Auckland Grammar School ANZAC Day Address
This speech was delivered to Auckland Grammar students, family, Old Boys, and staff on ANZAC Day 2024 by David Seymour ’97, MP for Epsom. ...9 hours ago - David Seymour: Auckland Grammar School ANZAC Day AddressThis speech was delivered to Auckland Grammar students, family, Old Boys, and staff on ANZAC Day 2024 by David Seymour ’97, MP for Epsom. ...9 hours ago
- Inflation is slowly falling while student debt is climbing: 6 graphs that explain the CPISource: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra BagzhanSadvakassov/Upsplash, CC BY-SA Australia’s inflation rate has fallen for the fifth successive quarter, and it’s now less than half of what it was back in late 2022. ...9 hours ago
- Response To ANZAC Day ProtestsACT's Rural Communities and Veterans spokesman Mark Cameron responds to cancellations and protests of ANZAC Day commemorations in Wellington. He says, "These pitiful attempts to detract from ANZAC Day are not at all indicative of the feelings of mainstream ...10 hours ago
- Claimants want Children's Minister to front up kanohi ki te kanohi (face to face)
Waitangi Tribunal claimants will appeal a High Court decision to overturn a summons order from the Tribunal for Children's Minister Karen Chhour. ...10 hours ago - ‘It bucked our lads up wonderfully’: the lightning-quick battle that marked the birth of the US-...Source: The Conversation (Au and NZ) – By Meighen McCrae, Associate Professor of Strategic & Defence Studies, Australian National University American and Australian stretcher bearers working together near the front line during the Battle of Hamel in 1918. Australian War Memorial While the AUKUS alliance is new, the Australian-American partnership ...11 hours ago
- GCSB refuses to release details of spy deal 'to protect interests'The spy agency is refusing to release a copy of its deal with a foreign agency to run a secret operation out of this country. ...12 hours ago
- Die In for Palestine Marks ANZAC dayPōneke based peace activists staged a silent protest at the ANZAC day service to highlight New Zealand’s complicity in war and genocide, and urge the government to take concrete steps to stop the genocide in Palestine. ...12 hours ago
- Ancient nomads you’ve probably never heard of disappeared from Europe 1,000 years ago. Now, DNA an...Source: The Conversation (Au and NZ) – By Magdalena M.E. Bunbury, Postdoctoral Researcher, James Cook University Burial with a horse at the Rákóczifalva site, Hungary (8th century AD). Sándor Hegedűs, Hungarian National Museum, CC BY How do we understand past societies? For centuries, our main sources of information have been ...15 hours ago
- Don’t mention the war: On grandparents and Anzac biscuits
Amanda Thompson doesn’t really do Anzac Day. But what she does do is remember the people she knew who had a lifetime to remember stuff they didn’t really want to, because of a war they didn’t ask for. And she does make Anzac biscuits. First published in 2021. All my ...15 hours ago - If plastic manufacturing goes up 10%, plastic pollution goes up 10% – and we’re set for a huge ...Source: The Conversation (Au and NZ) – By Kathryn Willis, Postdoctoral Researcher, CSIRO Xavier Boulenger/Shutterstock In the two decades to 2019, global plastic production doubled. By 2040, plastic manufacturing and processing could consume as much as 20% of global oil production and use up 15% of the annual carbon ...15 hours ago
- Governor-General's Anzac Day Dawn Service AddressWith our collective remembrance, and steadfast belief in our common humanity, we strengthen our hope and resolve to do what we can to foster dialogue and understanding, and to heal divisions in our pursuit of peace. ...15 hours ago
- Angling-Conservation Group Sees Fast Track Bill As UndemocraticPrincipal reasons for the opposition is the loss of the public’s democratic right to have “a fair say” and the vital need for a government free from corruption, said Casey Cravens of Dunedin, president of the New Zealand Federation of Freshwater ...16 hours ago
- Remembering the great TrueBliss vs Bardot national anthem sing-offNever mind the scoreboard – in the 2000 Bledisloe Cup decider, the real trans-Tasman battle was won before kickoff. First published in 2016. The dawn of the new millennium was a dark time for the All Blacks. Their final game pre-Y2K was a 22-18 loss to South Africa in the ...16 hours ago
- Help Me Hera: Do I even want the public sector job I might be about to lose?I’m on the wrong side of 40, I never pursued creative work and now my job is killing my soul. Help! Want Hera’s help? Email your problem to helpme@thespinoff.co.nz Dear Hera, May I start with the least original conversation opener you’re likely to hear around the motu at the moment, particularly in Wellington: ...17 hours ago
- ANZAC Day Wreath Calls For No Future Deaths From AUKUS“Never again - No AUKUS” was the message of the wreath laid at this morning’s national ANZAC Day commemorative service at Pukeahu National War Memorial Park this morning by the Stop AUKUS group. ...18 hours ago
- Swimmer does everything and more to get to Paris
Until this month, Auckland swimmer Hazel Ouwehand had never met a qualifying time in an Olympic event for a New Zealand team, even as a junior. Now she’s very likely off to the Paris Olympics after swimming well under the qualifying standard in the 100m butterfly twice – both in ...20 hours ago - Seize the dayWhile Anzac Day has experienced a resurgence in recent years, our other day of remembrance has slowly faded from view. The Sunday Essay is made possible thanks to the support of Creative New Zealand. Original illustrations by Hope McConnell. First published in 2022. The high school’s head girl and ...21 hours ago
- The first, forgotten Anzacs, more than 50 years before GallipoliAustralian and New Zealand volunteers fought together in the Waikato War, yet still its place in the Anzac tradition is unacknowledged by our defence forces or Returned Services Association. First published in 2018. When I was a boy cub I attended Anzac Day services in the South Auckland suburb of ...21 hours ago
- Poem for Anzac Day: ‘Hoki Mai’ by Tayi TibbleA poem by Wellington writer Tayi Tibble. Hoki Mai She kisses him goodbye with her eyes still wet and alight from their last swim in the Awatere river. At the train station celebration, she leads the Kapa Haka but her voice keeps breaking under and over itself like waves. ...21 hours ago
- Poem for Anzac Day: ‘My World War I Poem’ by Bill ManhireA poem from Bill Manhire’s 2017 book of verse Some Things to Place in a Coffin. My World War I Poem Inside each trench, the sound of prayer. Inside each prayer, the sound of digging. Image courtesy of Auckland War Memorial Museum. ...21 hours ago
- Daily crossword, Thursday 25 AprilThe post Daily crossword, Thursday 25 April appeared first on Newsroom. ...21 hours ago
- Book of the Week: Talia Marshall on living legend Ngāhuia Te AwekōtukuThere are three books I have wolfed down in one sitting over the last two years. Colleen Maria Lenihan’s gorgeous and sad debut Kōhine, Noelle McCarthy’s memoir Grand about becoming her mother and then unbecoming her, and now Hine Toa, a staunch yet gentle self-portrait by living legend Ngāhuia te ...21 hours ago
- Newsroom daily quiz, Thursday 25 AprilLoading…(function(i,s,o,g,r,a,m){var ql=document.querySelectorAll('A[quiz],DIV[quiz],A[data-quiz],DIV[data-quiz]'); if(ql){if(ql.length){for(var k=0;k<ql.length;k++){ql[k].id='quiz-embed-'+k;ql[k].href="javascript:var i=document.getElementById('quiz-embed-"+k+"');try{qz.startQuiz(i)}catch(e){i.start=1;i.style.cursor='wait';i.style.opacity='0.5'};void(0);"}}};i['QP']=r;i[r]=i[r]||function(){(i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o),m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m)})(window,document,'script','https://take.quiz-maker.com/3012/CDN/quiz-embed-v1.js','qp'); Got a good quiz question? Send Newsroom your questions. The post Newsroom daily quiz, Thursday 25 April appeared first on Newsroom. ...21 hours ago
- High Court overturns Waitangi Tribunal summons to Minister for Children Karen ChhourThe minister was due to give evidence on Friday regarding the government's plans to repeal section 7AA of the Oranga Tamariki Act ...1 day ago
- Sydney University students set up Gaza solidarity camp as war marks 200 daysAsia Pacific Report Students and activist staff at Australia’s University of Sydney (USyd) have set up a Gaza solidarity encampment in support of Palestinians and similar student-led protests in the United States. The camp was pitched as mass graves, crippled hospitals, thousands of civilian deaths and the near-total destruction of ...1 day ago
- Most bees don’t die after stinging – and other surprising bee factsSource: The Conversation (Au and NZ) – By James B. Dorey, Lecturer in Biological Sciences, University of Wollongong Australian teddy bear bees are cute and fluffy, but get a look at that massive (unbarbed) stinger! James Dorey Photography Most of us have been stung by a bee and we ...1 day ago
- How Anzac deaths changed the way we mourn to this daySource: The Conversation (Au and NZ) – By Jen Roberts, Senior Lecturer, School of Humanities and Social Inquiry, University of Wollongong Aussie~mobs/Flickr Victor Farr, a private in the 1st Infantry Battalion, was among the first to land at Anzac Cove just before dawn on April 25 1915. Victor Farr ...1 day ago
- Sugar gums have a reputation as risky branch-droppers but they’re important to bees, parrots and p...Source: The Conversation (Au and NZ) – By Gregory Moore, Senior Research Associate, School of Ecosystem and Forest Sciences, The University of Melbourne Gregory Moore I had the good fortune to care for the sugar gum at The University of Melbourne’s Burnley Gardens in Victoria where I worked for ...1 day ago
- Inflation is slowly falling, while student debt is climbing: 6 graphs that explain today’s CPISource: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra BagzhanSadvakassov/Upsplash, CC BY-SA Australia’s inflation rate has fallen for the fifth successive quarter, and it’s now less than half of what it was back in late 2022. ...1 day ago
- Our housing system is broken and the poorest Australians are being hardest hitSource: The Conversation (Au and NZ) – By Rachel Ong ViforJ, ARC Future Fellow & Professor of Economics, Curtin University Just when we think the price of rentals could not get any worse, this week’s Rental Affordability Snapshot by Anglicare has revealed low-income Australians are facing a housing crisis like ...1 day ago
- ‘It bucked our lads up wonderfully’: the lightning-quick WWI battle that marked the birth of the...Source: The Conversation (Au and NZ) – By Meighen McCrae, Associate Professor of Strategic & Defence Studies, Australian National University American and Australian stretcher bearers working together near the front line during the Battle of Hamel in 1918. Australian War Memorial While the AUKUS alliance is new, the Australian-American partnership ...1 day ago
- Source: The Conversation (Au and NZ) – By Tracey Holmes, Professorial Fellow in Sport, University of Canberra When the news broke last weekend that 23 Chinese swimmers had tested positive to a banned drug in early 2021 and were allowed to compete at the Tokyo Olympic Games six months later ...1 day ago
- First Nations Anzacs sacrificed life and limb for Country. Why aren’t their stories shown onscreen...Source: The Conversation (Au and NZ) – By Cally Jetta, Senior Lecturer and Academic Lead; College for First Nations, University of Southern Queensland Australian War Memorial Aboriginal and Torres Strait Islander readers are advised this article contains names and images of deceased people, as well as sensitive historical information ...1 day ago
- NZ’s Media Minister Melissa Lee demoted after Newshub crisisRNZ News Melissa Lee has been ousted from New Zealand’s coalition cabinet and stripped of the Media portfolio, and Penny Simmonds has lost the Disability Issues portfolio in a reshuffle. Climate Change and Revenue Minister Simon Watts will take Lee’s spot in cabinet. Simmonds was a minister outside of cabinet. ...1 day ago
- Our tall, wet forests were not open and park-like when colonists arrived – and we shouldn’t be b...Source: The Conversation (Au and NZ) – By David Lindenmayer, Professor, Fenner School of Environment and Society, Australian National University laurello/Shutterstock Some reports and popular books, such as Bill Gammage’s Biggest Estate on Earth, have argued that extensive areas of Australia’s forests were kept open through frequent burning by ...1 day 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.