A Univerisity of Arizona professor is urging homeowners under water to pull a ‘walkaway’ on their mortgages, allowing foreclosures and hits to credit scores.
He apparently believes homeowners have been brainwashed by corporate America into thinking there’s something morally wrong with abandoning a home.
But it sure looks like the good professor is fueling the same type of sentiment that got us into this current mess. Everything was okay as long as home prices were going up, up, up. Don’t worry about responsibilities. Buy, buy, buy.
Now home prices are going down, down, down. Don’t worry about responsibilities. Walk, walk, walk away.
What do you think?
File under: Irresponsible advice on responsibilty.