http://www.economicdisasterarea.com/index.php/misc/three-prisoners-options/ Iceland Financial Crisis Wed, 07 Sep 2011 07:45:55 +0000 hourly 1 http://wordpress.org/?v=3.2.1 http://www.economicdisasterarea.com/index.php/misc/three-prisoners-options/comment-page-1/#comment-249 Vilhjalm A. Thu, 12 Feb 2009 12:18:33 +0000 http://economicdisaster.wordpress.com/?p=1003#comment-249 These Icelandic "consumer laws" are very cruel. Most mortgages in the US are non-recourse, which means that house purchasers can walk away from their homes at any time and give them back to bank, without being liable for the difference in purchase price and the price that the bank re-sells them for. Personal bankruptcy has gotten harder in the US in the last few years but you can still get it over in 3-5 years, not 10 years. And indexing is obviously a grotesquely unfair mechanism. I imagine there will be a large-scale revolt against these Icelandic rules, or various new schemes will arise to get around them. Marriages of convenience. Houses "accidentally" burning down ("I left my cigarette next to the the cooking grease"). Selling "underwater" houses to fake trusts, very old people or to foreigners. Icelanders giving up their citizenship and returning in a few years as foreigners with a new number or name. Really, most people with any sense will realize that it's a pain in the ass to be an Icelander and just leave. These Icelandic “consumer laws” are very cruel. Most mortgages in the US are non-recourse, which means that house purchasers can walk away from their homes at any time and give them back to bank, without being liable for the difference in purchase price and the price that the bank re-sells them for. Personal bankruptcy has gotten harder in the US in the last few years but you can still get it over in 3-5 years, not 10 years. And indexing is obviously a grotesquely unfair mechanism.
I imagine there will be a large-scale revolt against these Icelandic rules, or various new schemes will arise to get around them. Marriages of convenience. Houses “accidentally” burning down (“I left my cigarette next to the the cooking grease”). Selling “underwater” houses to fake trusts, very old people or to foreigners. Icelanders giving up their citizenship and returning in a few years as foreigners with a new number or name.
Really, most people with any sense will realize that it’s a pain in the ass to be an Icelander and just leave.

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