Frontpage of CNN – “CNNMoney: Mortgage too much? Just walk away”

[sd_bear]

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.”

[bubble_contagion]

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.

[bubble_contagion]

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.

[bubble_contagion]

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.

[bubble_contagion]

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.

[bubble_contagion]

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.

[Bubblesitter]

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

[Bubblesitter]

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

[Bubblesitter]

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

[Bubblesitter]

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

[Bubblesitter]

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

[Author]

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