The economically rational thing for many underwater homeowners is to put the keys in the mail and walk away. I think it's pretty funny that the industry is hoping that social norms will prevent people from doing so. Perhaps they should spend a little time worrying about their own social norms which led them to hand out all of those bullshit loans in the first place.
Don't count on it. Wall Street is another insular Village, just like the Beltway Village. I am often amused by claims that changes of CEOs willmake things better because the new CEOs often came up through the very same corporate culture as their
now disgraced predecessors.
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