Another New Surprise - Banks Walk Away?
The "jingle mail" concept of homeowners walking away is catching on with banks. Banks are being advised to walk away from big buy-out deals.
The article does not cite any examples of banks actually backing out of deals, just that their lawyers are now advising them to consider this option.
“If you want to come up with news that could make the Dow drop another 500 or 1,000 points, this would be it,” says one lawyer specialising in private equity issues for a major New York law firm. “But desperate times call for desperate measures.”