"Wes" wrote in message
...
"Ed Huntress" wrote:

Nobody anticipated that. Not the experts, not the banks, and not the
government. It's a crisis because there's no way out -- except that some
of
these crap mortgages were written in such a way that a home owner can just
walk out of an upside-down situation and turn the keys over to the bank,
with no further repurcussions. That amazes me, but that's what the papers
say. The brokers are calling it "key mail." You open the bank's mail, and
there are house keys in the envelopes. d8-)

You gotta be kidding me. Any banker that wrote a contract where the
borrower can 'walk away' should be institutionalized for they are not
competent to care for themselveS.

That's what they say. Remember that these are not banks that are writing the
mortgages, or, if they are, they aren't planning to hold the paper. They
sell them, they get bundled with enough solid mortgages to get a AAA rating,
and they morph their way through the international financial system -- the
unregulated part of it. The original lenders don't give a damn what happens
to them after that.

--
Ed Huntress