Star One Smart Blog's

And the New York Times lauds their actions.

Here's the trick: homeowners who took out loans they couldn't afford (sub-prime mortgages, refinance to buy that boat &c.) or were (gasp!) tricked by banks into borrowing taking more money than they could ever afford to take or pay back. A recession - downturn happened (who couldn't see that coming ? ). Greed, meet greed; now it seems that by not paying your mortgage* you can ride out for months, years before finally landing on your keister.

*Doesn't work in Tennessee, srry.
This Dirty Socialist trick only works in states that have judicial foreclosure laws: Florida, Illinois, New York. Tennessee has non-judicial foreclosure procedures; here you'll wind up sitting on the front lawn in as little as 40-45 days. In Illinois, you can sit rent-free in the house you bought but could never afford for an average of 300 days; New York has the longest Dirty Socialist! sit-time; an average 445 days. Go figure.

I'll say it again, and one more time: people who took advantage of those boom-time sub-prime mortgages were stupid, stupid people. Sure, some banks (see Wells Fargo Bank as an example) hooked these sorts with tricksy loan gimmickry, but for the most part, smart, savvy people didn't fall for those sorts of loans.

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