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Cramming Down - On Whom?

The author misses a much bigger point. Mortgages were the last survivors of a long list of solemn oaths that we make as Americans. Now it's possible to renege on pretty much every agreement that you pledged your commitment to fulfill. Marriage, credit card bills, auto loans, you don't have to commit yourself to the other party, there's a well-defined "way out" for all of these. Add to the list your oath to pay your monthly mortgage, now you can just have a judge rewrite the terms in your favor. This, in essence, is a severe fracture in the foundation of American integrity, which explains the direction of our financial foundation.