This sentence from the article really upsets me “It doesn’t make sense to make payments on a house that isn’t worth as much,” one homeowner says. “It makes more financial sense for us to stop paying — even if that means declaring bankruptcy.”
Who the heck told him/her house price won’t fluctuate? Are agents required to disclose market fluctuation in the buyers form? This is the morality problem I am talking about. Problem is that these people usually don’t have equity in the loan. They walk freely without looking back and they only lose their credit tenure for a few years and that is it. these are the people that should not be allowed to borrow for at least 10 years.
