Therefore, he should walk. This shouldn’t affect taxpayers and it isn’t his fault that it does.

I seriously doubt if it would have been clear to the public exactly what the risks were with the “off balance sheet” game the banks were playing, he probably owuldn’t have borrowed the money in the first place. Most of us had no idea how inflated values were from this excess liquidity.

So the real question is why wasn’t this clear?

Banks were happy to approve anyone with a pulse and why not they had very little skin in the deal. Banks wrote the loans with no obligation to hold any of them locally. Mortgages were sold, wrapped up as polished pieces of crap (CDO) and sold to foreign investors. The banks got their money and sent the note down the line. Wall Street made a fortune selling these CDO’s to China and Europe. And these banks left China, Europe, you and me to pick up the pieces of our crappy investments we were sold as gold. The Banks pushed for relaxed lending standards so they could sell more of these packaged mortgages to investors; after all they were making a fortune off of them.

The problems started when foreign investors stopped buying these packaged mortgages due to the growing default rate. Then our banks ended up stuck with these crap investments and the rest is history.

Who doesn’t dream of owning a home? When a bank approves your loan it gives validation that the applicant can afford the home. Why would a bank give a loan to someone if they couldn’t pay it back? Why direct compassion to a corporate monster and not your neighbor? It seems like we’ve all been turned against each other. Why protect the interest of companies so vigorously especially as the unscrupulous acts against consumers keep revealing themselves over and over again?

Greed got all of us here, and blaming the poor guy that walks away from his TERRIBLE loan while exonerating the policies that allowed banks to have little consequence for writing these loans is madness. I tend to think that those who protect the interest of companies even at the detriment of their own well being are the same people who make decision based on ideology without having to actually think. Who speaks for you?

BTW, I don’t know why our Congress men would vote yes on the bailout and that’s not fair to use our money bailing out those people who made wrong decisions (wouldn’t Mr. MS are one of them causing this bail out?). There are many whys floating around but no answers. And for the coming stimulus package, it is ripping off the middle class. Why? Because the tax refund is not proportional to the tax being paid. So someone paid tax of $1000 would get same refund as who paid tax $10000. Another why, the gov yearly tax revenue is about 2.4T, why don’t the gov just give full tax refund to everybody including every single co-operations instead of giving 8T to someone else? Very interesting.

He’s doing the right thing for himself and his family. If you’re paying that much each month for a property that’s falling in value and probably will never recover in our lifetimes, then who’s the idiot?