Our Awful Situation
More Americans Are Walking Away From Their Homes (literally)
This reminds me of Atlas Shrugged:
Increasing numbers of Americans are simply walking away from their houses and mortgages, increasing pressure on banks and the economy.
Rapid house price falls in many parts of the United States will soon leave as many as one in five borrowers owing more on their loan than the house will fetch, removing at a stroke the single most powerful incentive to keep up with payments.The phenomenon of “walk aways” or “jingle mail,” so called because of the noise the house keys make in the envelope mailed to the bank, is hard to measure but shows every sign of gathering pace and having a substantial impact.
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