> In the end, I think it would be fair for the homeowners who borrowed more
> than they could afford, to lose their home. They won't become homeless,
> they'll just go back to renting, or living with their relatives --  
> whatever
> they did before they bought a house. It would also be fair for the banks 
> who
> made the loans, to take a hit -- because it is their fault, too.

However - some, maybe many, will owe more than the property is worth, 
especially under 'fire sale' conditions and end up not just as they were 
before but also owing money - possibly a substantial amount. I know people 
here that that happened to during an earlier downturn and they spent years 
paying off a very large amount for no end benefit.

FWIW


                    Russell

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