Here's more on the new American domestic phenomenon: I'm trapped in my house and I can't get out!
I feel for these folk, but they had better get it through their heads that the inflated house prices of the Great Bubble of the 21st century are NEVER coming back. There is no "let's re-finance" escape from their misery of slowly bleeding to death. If they're thinking of walking away, they'd better do it quick if they legally can; because when lots of people who can still pay their bills default and screw the banks, the banks will pay the politicians to change the law to start prosecuting those defaults as fraud with long prison terms and hefty fines. Homeowners will be held to this simple rule: You bought, so you pay for it. Why shouldn't they? Who else should?
Read it here
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