What would you have done in 2006, if a representative from the government had come to you and said, “Look, there’s been a ton of fraud in the housing market. We’re going to unwind all the housing transactions back to 2001. You’ll be made whole, but that 50% equity increase (or whatever it was between your purchase in 2003 and 2006) was basically a product of fraud, so you won’t be getting any of that.”
I bet you would’ve screamed bloody murder! This is what bugs me about you ‘victims’. You’re only claiming victimhood because you ended up upside down. If you had made money due to all the fraud in the market and the government tried to take it from you, you would again characterize yourself as a victim.
It looks to me like you are trying to build some type of ‘moral case’ so that you can walk away with a ‘clear conscience.’ I’m sure at this point that you are going to walk away no matter what anybody on this board says, but if you walk away, you won’t be sticking it to the fraudsters. At this point, the American taxpayer essentially owns your loan and that is who you will be sticking it to. The fraudsters are long gone and many taxpaying citizens like myself who never participated in the housing bubble one way or the other will be forced to pay for a mess that we had no part in.
It sucks that I as a responsible bill-paying person have to have my taxes go to paying for people like you, but that’s life.
