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This is all capitalist ideology- give it just a few more years and average schmoes won't be calling the "Dave Ramsey Show" and admitting they 'owe' anything.
Some will say "the signature creates the funds"- it's true.
Others will say " gotta pay your debts"- ok whatever so sue me.
Still others might say " I got mine, get yours". Goes both ways though...
Me, I just don't care. I'm illiterate and don't care to speculate on the mail.
The documentary opened with a condemnation of 'loan-to-value': well the property has some value, it's not zero! What is so hard about evaluating a static lien? Ok, we pay cash for everything on top, but a mechanics lien for "100% of the value at auction", just that, is worth a fair bit of the total- probably at least 80%- which is where a standard mortgage is anyway.
Mechanics liens don't amortize, they cant be foreclosed, they just sit there, accounting some value in the property to the lien's holder. Makes a great asset for a money system.
This is what I mean by a 'capitalist ideology': all these notions about 'owe', and 'debt' and 'cant' and ' have to' are just so much fluff- it's the simplest thing in the world to finance an economy and account for holdings- without driving people up the wall by constant nickering.
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