"No one says defaulting on a contract is pretty or that, in a perfectly functioning society, defaults would be the rule. But to put the onus for restraint on ordinary homeowners seems rather strange. If the Mortgage Bankers Association is against defaults, its members, presumably the experts in such matters, might take better care not to lend people more than their homes are worth."
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ROGER LOWENSTEIN, director of the Sequoia Fund, writing in the New York Times Magazine that perhaps homeowners might consider walking away from their mortgages - in much the same way businesses “default on bonds and chooses to let (companies) fail.”
I think this is fucking brilliant. Taste of their own medicine, I say.
(via inothernews)
(via silas216)