eternitus

JPMorgan Meets WaMu Homeowners, Face to Face

I think it's a good move not leaking the "rules of the game." That way, it's impossible for deadbeat borrowers (if we're honest with ourselves, that's what they are) to game he system.

This crisis was caused by house prices that were and are too high and deadbeat owners of overpriced houses not paying their bills. Helping these people will not stop the slide in house prices any more than Advil will help a brain tumor. The foreclosures are a symptom of unrealistically high housing prices, not the cause of their decline.

The more quickly prices adjust and the market clears, the better off we'll be.