Meh bad for them, good for me… If they want to ruin their credit in such a way than that's their perogative I guess… :/ but that just makes homes cheaper for my husband and me when we get ready to buy one…. at least theoretically.

Following the rules is for suckers.

Financial promise? It's a contract and defaulting is an option, that is why there are explicit penalties defined for default. It happens in business everyday.

I paid $23k in closing costs on a $300k loan and got a 12.2% interest rate because since I was fresh out of college, I had no established credit. Banker promised to refi me in 2 years to a lower rate. 2 Years later, banks said, no refi for you. You;ve lost equity!

So here I am paying over $3,000 per month. I owe $300k on this house that's appraising at $150k. AHMSI (formerly Ameriquest/Argent) will not modify MY terms to a lower interestt rate ( I even asked for an 8% rate, they said NO dice), yet they are taking hundreds of thousands in principle off the factory workers $500k mortgage down the street (which he never could afford anyway).

It's a suckers game. Why should I continue to pay when the ppl that shouldn't have gotten a loan in the first place are having all of their debt forgiven or having their interest rates decreased significantly?

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Just a simple word of caution regarding the reported retail sales data reported Friday morning. The Census Bureau stated that the report is based on a "new sample" of data. This begs the question are we able to compare apples to apples? If it is up slightly this month how are we able to compare that on an equal playing field if the data used this month is different than in the previous months. And there are striking discrepancies between what the Government is reporting and some 'real world' gauges of consumer spending (i.e. Recent POS data, Gallup poll, etc).

Sounds like Cloward & Piven's strategy is working perfectly for our liberal progressive leaders. Eventually the system will collapse under its own weight. It's nice for individuals and corporations to have the option for bankruptcy, but our government doesn't have that option. Even a smaller government could ask for a loan from the US or China, but when we collapse there will have to be a full on restructuring of our society which will probably include getting rid of that seldom used document called the Constitution. Elections have consequences.

Appraised values on homes in some regional markets have dropped up to 50 percent from the peaks in 2006. When a homeowner in this situation has a negative 20 to 50 percent equity interest in their home and cannot make the payments the only choice is to turn the keys back in to the lender. Mortgage lenders cherry-pick the home loans they will modify and will not touch a home mod for any "underwater" mortgages in this market. Of course, home refinancing options are out of the question, so that is the plight of the unwitting home buyer that got lured in to the buying frenzy from 2004 to 2007.