Breeze is quite the reactionary. Actually, if everyone that was upside down in a mortgage walked away this year, we’d purge the bad debt from the system de facto. Bring the RE prices into market range very fast. And that’s what is really needed to begin repairing the economy.
Banks are trying like crazy to avoid this eventuality, and the govt is “helping”. This is why credit implosions take so long to unwind and thus keep the economy in a range bound pit for years.
