Go Ahead, Walk Away From Your Mortgage!

Mayer Newton

www.businessinsider.com

Worried about being “immoral”? How quaint.

Roger Lowenstein gives Americans permission to do what companies do every day:1. Ask for a better deal, and/or

2. Walk away.

[V]oluntary defaults are a new phenomenon. Time was, Americans would do anything to pay their mortgage — forgo a new car or a vacation, even put a younger family member to work. But the housing collapse left 10.7 million families owing more than their homes are worth. So some of them are making a calculated decision to hang onto their money and let their homes go. Is this irresponsible?

Businesses — in particular Wall Street banks…. Read more here.