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Oh, terrific. Let's drive a few extra millions of Americans into bankruptcy court. The lawyers win again.
Jan 07 13:45 pm
|Rating:
+4
-4
All Comments by axelrod608 »New Mortgage Bankruptcy Bill Does Not Address Real Problem [View article]
And the BR court ordered writedowns will torpedo the lenders' bottom line, so they will sue. The lawyers win again.
For people who can afford everything but their house, the absolute best option is to walk away. Start over with a rental they can afford.
The problem is in the assumption that this mess can be fixed. That there;s some magic plan out there that will keep millions of Americans in homes they could not afford to buy and cannot afford to keep. Faulty assumption. This will work out over time regardless of what harebrained bailouts get approved.
Humpty Dumpty already fell.