With an increasing number of people walking away from their underwater mortgages, there's much discussion among the chattering classes about so-called strategic defaults. Conservatives critics, meanwhile, suggest walking out on your mortgage is akin to breaking your word.
So, faced with a decision between their savings and their good name, what are struggling homeowners to do? To those weighing changing their "lawn sign from 'For Sale' to 'F**k It'," Stephen Colbert offers this (highly technical) analysis of the mortgage crisis:
"The banks thought your honor was worth something, and they gave you a mortgage in exchange for your honor. It was so precious to those banks that they bundled your honor with other people's honor and cut that honor bundle into securitized honor derivatives which they then sold to Wall Street honor speculators. And in an attempt to get more honor to sell, they mixed your honor with the honor of people who did not honor their honor -- and eventually, the honor bubble burst."
Colbert jokes that lenders are "not responsible for the now worthless mortgages that they sold you," or the savings you wasted on a lousy home loan. "Those are just things," Colbert notes. "This is about your word."
Watch the full segment below:
|The Colbert Report||Mon - Thurs 11:30pm / 10:30c|
|The Word - Honor Bound|