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Can you explain your rationality for this? You're still allowing the bank to have senior ownership of your house except... for less money.
If you default, they keep your house, no matter what the debt-to-value is.
Like, I understand saying "I couldn't make my mortgage payments so the bank took the house, but I guess they did pay for 90% of it".
But this seems like all the insecurity of a mortgage for a lot less money?
Their finance team probably made a projection that if they can get X% of current mobile web users onto the app, they’ll be able to extract Y% more total revenue. They have no idea that they should split users into contributors and lurkers and even if they had, they have absolutely no idea how to model their value, so they don’t, the board sees the numbers and tells them ‘ASAP’ and that’s how you kill social networks, because the financial model is based on false assumptions.
Comments like this amaze me. People really think these giant corps are out here not doing things like this.
Dead Comment
That's interesting. I get a couple of newsletters with advertising in them, and while I still find the Thunderbird interface a little clunky, this might sway me a bit.
I'm currently running Thunderbird as an email backup solution, with a rule to automatically copy every new email to a local folder. Maybe I'll start using it a bit more. (It's in a docker image on my file server, accessed via noVNC in a browser, which definitely adds to the clunkiness. Maybe I'll switch it to my local machine.)
> I'm running it in a docker image on my file server, accessed via noVNC in a browser
Without those users, there is no platform.
If you take out a 300k mortgage and pay it down to 150k principle then default, the bank sells it for 250k and gives you 100k (minus associated costs).