2010: The Year Of Walking Away On Your Mortgage
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
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