walk away??? find their asses and get em on chaingangs rehabbing those houses.
Honeslty, I say let them walk away and go be as productive as they can, and let the banks get out of them what they can. The banks made a stupid choice as well, and should have to live with it.
Then garnish their wages and hold all tax returns until the difference between what the bank got and what was owed is paid back. Use this to pay off the TARP debt exclusively.
The lenders, mortgage companies, Fannie and Freddie Mac lead by Bawney Frank, Dodd and others are equally to blame for this fiasco. I sure wish that these guys would walk away from congress.
Variable rate mortgages have been shown to be a bad idea, so both the banks and the borrowers should be treated as Adults. The bank got the building back from the borrower that walked walk away from it after the market collapsed. Both lost in this case.
The FF considers it important that all adults be treated as children, in order that the government may intervene in each and every decision that westerners make. That way we have a constant, legal monitoring system, that, at the same time, can be used to determine who has money that needs to be redistributed and which progressives need the money to insure a vote to keep this progressive cycle in progress.
catghy
From the article:
Imagine a man in California who speculated in real estate at the height of the housing bubble. He bought a house with no money down and an adjustable-rate mortgage. But before he could flip that house for a profit, the market collapsed. He then owed more than his house was worth, but he knew that under his state's laws it would be impossible for his bank to sue him for the balance of his loan if he abandoned the house to foreclosure.
What is this man likely to do?
Several hundred thousand people have found themselves in a similar situation in recent years, and they have walked away from their real estate investments. Nothing down, interest-only mortgages taken out by speculators in states with default-friendly laws have fueled the foreclosure crisis and have come to be seen as a major threat to the American financial system.