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"More than 13 percent of American homeowners with a mortgage are either behind on their payments or in foreclosure as the recession throws more people out of work"

This is getting beyond serious. Badder than bad as a politician might have recently said.

With many states having non-recourse loans, the temptation for a mass walkaway must be growing. Why pay for an asset in neg equity when you dont have to.

I bet the US government is desperate to stop this happening, it would be unbailoutable (new word). You'd need a spirograph to draw the effect on the banks and house prices.


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