On Mar 22, 9:24*pm, Wes wrote:
"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.

Wes
--
"Additionally as a security officer, I carry a gun to protect
government officials but my life isn't worth protecting at home
in their eyes." *Dick Anthony Heller

People are walking away because they cannot pay their loans at the
levels that the banks are demanding.

They were paying the loans earlier.

The fact that the banks are forcing foreclosures to occur is a BIG
part of the problem.

TMT