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2010: The Year Of Walking Away On Your Mortgage

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January 01, 2010 – Comments (8)

MY COMMENT:

President Obama's big shot at winning re-election was to free the debt slaves.  Now I think the debt slaves are going to find freedom on there own...

We are way ahead here on this issue.  I reported in Dec 09 about MS defaulting on several billion in commercial loans with out guilt... so why would Americans feel guilty with a strategic default?

The important paradigm shift here is that Reuters a major, major News Wire is reporting this. While CNBC and Fox hired some professionial liars / cheerleaders to try and get debt slaves to pay off their debt bondage. Reuter reports

"Trapped in the abyss of negative equity, more will decide to quit paying. As they should."

Clusterstock makes front page headline:

2010: The Year Of Walking Away On Your Mortgage

Rolfe Winkler | Dec. 31, 2009

Why bother? That’s the question more underwater Americans are asking themselves about their mortgage. Trapped in the abyss of negative equity, more will decide to quit paying. As they should. About a quarter of all mortgages in the United States are on houses that are worth less than the unpaid balance of the mortgage, according to real estate consultant First American CoreLogic. About half of that group, 5.3 million borrowers, are 20 percent or more underwater. For 2.2 million, the property is worth less than half the mortgage balance.

Read the whole story at Reuters BreakingViews -- >

 

2010: Walking away will gain cachet Dec 30, 2009 20:27 EST

 

8 Comments – Post Your Own

#1) On January 01, 2010 at 10:11 PM, abitare (38.89) wrote:

More Realtor propaganda?

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#2) On January 01, 2010 at 10:15 PM, abitare (38.89) wrote:

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#3) On January 01, 2010 at 10:17 PM, abitare (38.89) wrote:

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#4) On January 02, 2010 at 1:19 AM, dragonLZ (99.31) wrote:

Great post, abitare. Thank you.

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#5) On January 02, 2010 at 9:37 AM, abitare (38.89) wrote:

A follow up on Clusterstock

Homeowners With Underwater Mortgages May Be Too Ignorant To Be Ruthless

http://www.businessinsider.com/homeowners-with-underwater-mortgages-may-be-too-ignorant-to-be-ruthless-2010-1

 

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#6) On January 02, 2010 at 10:16 AM, dbjella (< 20) wrote:

I know a couple that just walked out on two mortgages.  The one house I could somewhat understand them walking away was way too big for them, but there other was a standard 3 bedroom home.  I asked them if they felt guilty and they said  "no, we feel relieved."

I am not sure if house prices have stabilized.  With unemployment high and bonuses and hours slashed for working people I bet there are still people right on the edge of making it.

2010 will be interesting. 

 

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#7) On January 02, 2010 at 10:57 AM, Gingerbreadman55 (25.93) wrote:

Wow, I am so glad I don't watch the news anymore. That fox news clip was just a bickering mess.

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#8) On January 02, 2010 at 4:59 PM, kdakota630 (29.64) wrote:

Thanks for the Schiff video.

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