Hooray! That's been my advice to "upside down" homeowners since December.
So much for the rule of law.
Remember, these mortgages were sliced, diced, collateralized, bundled and sold (often as triple-A-rated investment vehicles) to investors around the world, to include retirement funds of average folk, which expected (and deserved) to receive the promised income. A system which produces such fancy financial "instruments" which earn great bonuses for the instigators, and provide no accountability when things go wrong, is fundamentally flawed.
Mr., rather, Senator McCain's cavalier suggestion, while politically expedient at the moment, does not solve the problem, and, indeed, puts a horrendous unfunded future obligation on the poor, over-worked American taxpayer. Shame on McC.
Very well said. Excellent post and advice to suit the current mood. keep it up.
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