Friday, May 2, 2008

Canseco defaults, press misses point

Jose Canseco has decided to walk away from his mansion, owing 2.5 million bucks on it.

He says in this article that it makes no sense, given there's a judgment against the house, for him to continue paying the bank for it, 'since it already belongs to someone else'.

Never mind that he is obligated to pay the bank, since he bought the house with a bank loan and the bank is not affected, or even interested, in any judgments against CANSECO. They made a deal with him and want him to honor it.

But the reporter clearly asked him if he sympathized with people losing their homes because of high interest rates, and he said he did.

What does this story have to do with people losing their homes from inability to pay? Canseco CHOSE to walk away, DEFAULTED on his loan, not because he couldn't afford to pay but because in his selfish and unethical judgment it didn't 'make sense' to keep paying for a house that one of his ex-wives was going to get in a judgment!

Canseco didn't LOSE his home, he WALKED AWAY voluntarily. He was not foreclosed. He simply said 'I will not bother to pay this debt which my signature obliges me to pay'.

I hope the bank sues the steroids outta that guy.

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