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Home › Forums › Housing › Frontpage of CNN – “CNNMoney: Mortgage too much? Just walk away”

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  • February 6, 2008 at 4:55 PM #11733
    sd_bear
    Participant

    http://money.cnn.com/2008/02/06/real_estate/walking_away/index.htm?postversion=2008020610

    Looks like this concept is really picking up steam!

    “The most serious consequence is a tremendous hit to credit scores. For some, that’s better than throwing away money they’ll never recover by selling their home.

    And while a mortgage default can savage a person’s credit record, trying to pay off a loan they can’t afford could be worse for borrowers if it leads to bankruptcy, said Craig Watts, a spokesman for the credit reporting firm Fair Isaac.

    Credit scores are hurt much more by missing multiple payments – on credit cards, cars and so on – than by a single foreclosure.”

    February 6, 2008 at 6:51 PM #148984
    bubble_contagion
    Participant

    This is the best quote I’ve read all week (from CR’s blog):

    Jon Bottorff, managing director at HSBC Finance, during a session on mortgage origination, on walk-aways: “We’ve attracted a lot of borrowers who are really renters … It is disheartening as a servicer to see the willingness [to walk away] … [borrowers] simply don’t care.” Bottorff wants to see the mortgage industry “get back to the classic homeowner” who has a vested interest in staying in their home.

    February 6, 2008 at 6:51 PM #149240
    bubble_contagion
    Participant

    This is the best quote I’ve read all week (from CR’s blog):

    Jon Bottorff, managing director at HSBC Finance, during a session on mortgage origination, on walk-aways: “We’ve attracted a lot of borrowers who are really renters … It is disheartening as a servicer to see the willingness [to walk away] … [borrowers] simply don’t care.” Bottorff wants to see the mortgage industry “get back to the classic homeowner” who has a vested interest in staying in their home.

    February 6, 2008 at 6:51 PM #149251
    bubble_contagion
    Participant

    This is the best quote I’ve read all week (from CR’s blog):

    Jon Bottorff, managing director at HSBC Finance, during a session on mortgage origination, on walk-aways: “We’ve attracted a lot of borrowers who are really renters … It is disheartening as a servicer to see the willingness [to walk away] … [borrowers] simply don’t care.” Bottorff wants to see the mortgage industry “get back to the classic homeowner” who has a vested interest in staying in their home.

    February 6, 2008 at 6:51 PM #149269
    bubble_contagion
    Participant

    This is the best quote I’ve read all week (from CR’s blog):

    Jon Bottorff, managing director at HSBC Finance, during a session on mortgage origination, on walk-aways: “We’ve attracted a lot of borrowers who are really renters … It is disheartening as a servicer to see the willingness [to walk away] … [borrowers] simply don’t care.” Bottorff wants to see the mortgage industry “get back to the classic homeowner” who has a vested interest in staying in their home.

    February 6, 2008 at 6:51 PM #149342
    bubble_contagion
    Participant

    This is the best quote I’ve read all week (from CR’s blog):

    Jon Bottorff, managing director at HSBC Finance, during a session on mortgage origination, on walk-aways: “We’ve attracted a lot of borrowers who are really renters … It is disheartening as a servicer to see the willingness [to walk away] … [borrowers] simply don’t care.” Bottorff wants to see the mortgage industry “get back to the classic homeowner” who has a vested interest in staying in their home.

    February 6, 2008 at 9:59 PM #149075
    Bubblesitter
    Participant

    An interesting quote from the author…..

    “So many people are handing their keys back to lenders that a new term has been coined for it: jingle mail.”

    Jingle mail is not a new term. For anybody who went thru the downturns in the 80s and 90s, it was commonly used back then.

    Walking away from underwater mortgages is becoming socially acceptable.

    Bubblesitter

    February 6, 2008 at 9:59 PM #149332
    Bubblesitter
    Participant

    An interesting quote from the author…..

    “So many people are handing their keys back to lenders that a new term has been coined for it: jingle mail.”

    Jingle mail is not a new term. For anybody who went thru the downturns in the 80s and 90s, it was commonly used back then.

    Walking away from underwater mortgages is becoming socially acceptable.

    Bubblesitter

    February 6, 2008 at 9:59 PM #149344
    Bubblesitter
    Participant

    An interesting quote from the author…..

    “So many people are handing their keys back to lenders that a new term has been coined for it: jingle mail.”

    Jingle mail is not a new term. For anybody who went thru the downturns in the 80s and 90s, it was commonly used back then.

    Walking away from underwater mortgages is becoming socially acceptable.

    Bubblesitter

    February 6, 2008 at 9:59 PM #149361
    Bubblesitter
    Participant

    An interesting quote from the author…..

    “So many people are handing their keys back to lenders that a new term has been coined for it: jingle mail.”

    Jingle mail is not a new term. For anybody who went thru the downturns in the 80s and 90s, it was commonly used back then.

    Walking away from underwater mortgages is becoming socially acceptable.

    Bubblesitter

    February 6, 2008 at 9:59 PM #149433
    Bubblesitter
    Participant

    An interesting quote from the author…..

    “So many people are handing their keys back to lenders that a new term has been coined for it: jingle mail.”

    Jingle mail is not a new term. For anybody who went thru the downturns in the 80s and 90s, it was commonly used back then.

    Walking away from underwater mortgages is becoming socially acceptable.

    Bubblesitter

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