"Translation: I decided to breach my moral and legal obligation to repay money I borrowed because I stupidly paid too much for the house."

Come on there is no moral question here - it is strictly business.

Where is the moral outrage when a business declares bankruptcy and debtors don't get paid?

Simple business - someone made Jose a loan and as part of making a loan they build in "interest" and part of the interest is a risk premium be because they know that some folks won't pay the debt back.

People have to get off the "moral" thing here - it is strictly business - trust me - businesses don't look at it as a moral question when the CEO of a company walks away with millions after being booted from a company he or she lead into the ground (sure we may not like it) - but business people - hey its just business.

Yeah, that's what we need, debtor's prisons. Lock 'em all up! We don't have enough people in our jails today, right? Or we can just build new ones...a real growth industry!

And let's lock up all the people who get sick and were too stupid to buy health care.

You and your childish Sunday School "morality". You haven't the faintest clue how this society "works".

Canseco is making a personal decision to stop making loan payments on his house based on his own financial needs. The banks typically charge a rate of 5% or more than what they borrow money at to make up for the losses. Most loans are also typically insured by Fannie Mae and Freddie Mac which means the loss to the bank is negligible.

The reason for the significant house price drops is due to the foreclosures and the lack due diligence with the lending guidelines by both the Fed and the lending institutions. Now the Fed and lending institutions are over-correcting the problem, making loans unobtainable and causing more havoc by taking eligible buyers and making it impossible for them to buy homes. I'm sure the banks could care less if values continue to decrease, even if foreclosures double from where they are today, the Fed will bail out the banks and the tax payers will front the bill, just like Bear Stearns. To bad I don’t get part of the never ending piggy bank!

Now believe me when I say, the financial institutions, government and Fed all new this day was coming. The board members and insiders made a killing on the mortgage and house market before the crash and they cashed out before the housing bubble burst. The Fed, Government and Financial Institutions all made a killing at the Tax Payers cost and now they want to make the borrowers look bad for making irrational decisions. It's just a slight of hand; point the finger at everyone else to keep the attention off of the Banks, Fed and government. Come on now, where's the media on that!

Basically, it looks like Canseco can't be trusted. He worked in a job that required him not to take steroids, and he did anyway. He borrowed money, saying he'd pay it back, and now he says he won't. Note to self: never take Jose Canseco at his word.

That's what the credit rating business is for, by the way: counting up times when people show untrustworthiness and telling folks who are about to trust those people.

Someone should explain to reader Rob the difference between "bankruptcy" and "walking away from a bad loan". When a business declares bankruptcy it has to prove it doesn't have the assets to pay its debtors if it intends to stiff them.

Mr. Canseco did not declare bankruptcy. He has millions in assets from his two best selling books and his baseball career. He has the ability to sign memorabilia for additional cash inflows.

Mr. Canseco did not declare bankruptcy. He has the ability to pay that for which he contracted. He decided not to.

Well, canseco like any other athelete, who's made alot of money, blew it! As far as those who work thier tails off and lose thier homes - I don't believe it's "all thier fault" . CEO's who take tax money and throw AIG parties - are the ones who are moraly and legaly wrong!