MikeW

WaMu Borrower Purposely Defaults, Gets Foreclosed On, Sues

Well, now we're seeing the trouble with expecting the Government to bail out irresponsible lenders xxxxborrowers, aren't we. Unintended consequence: people expect a "right" to loan modifications they think they need. They expect a government-enforced do-over for their mistakes. If Wall Street and Fannie and Freddie get them, why shouldn't they? IF I had a mortgage, I'd be tempted to not pay so that I could get an after-the-fact better deal.

How about the Government gets out of housing finance and we give Capitalism a try? Might work, let's see, haven't tried it for 60 years...