Professor advises underwater homeowners to walk away from mortgages
Go ahead. Break the chains. Stop paying on your mortgage if you owe more than the house is worth. And most important: Don’t feel guilty about it. Don’t think you’re doing something morally wrong.
That’s the incendiary core message of a new academic paper by Brent T. White, a University of Arizona law school professor, titled “Underwater and Not Walking Away: Shame, Fear and the Social Management of the Housing Crisis.”
White contends that far more of the estimated 15 million U.S. homeowners who are underwater on their mortgages should stiff their lenders and take a hike.
XX Sean’s note – notice how this professor’s advice follows the theme I laid out in my November 18 column, “Why Mortgage Lenders Are Doomed”
And then there’s this (hat-tip Washington’s Blog) …
Congresswoman Kaptur advises her constituents facing foreclosure to demand that the original mortgage papers be produced. She says that if the bank can’t produce the mortgage papers then the homeowner can stay in the house.
Related Posts
- Why Mortgage Lenders Are Doomed (11/18/09)
- JP Morgan: Debtors’ Revolt Is Getting Worse (05/12/10)
- Debt Wars: The Bankers Strike Back! (02/03/10)
- Wednesday News Roundup — ‘Buy China,’ Falling Oil Prices, Dollar Doom, and More (06/17/09)
- Monday Charts and News (03/30/09)
{ 3 comments… read them below or add one }
Just wanted to say HI. I found your blog a few days ago on Technorati and have been reading it over the past few days.
I must say this is a great article i enjoyed reading it keep the good work
Thanks, Tony. Loved you and Dawn back in the day.