“Sure it might make sense...if you don’t mind reneging on your legal and moral obligations.
“
What is moral about the way the mortgage and housing industry was manipulated by the bankers such that mortgages were a necessity and home prices were extremely manipulated?
An immoral system cannot later claim morality.
Oh...okay.
Its foolish to blame the bankers, they react to rules provided for them by the USG. From the passage of the first 1976 (or 1977!) Community Reinvestment Act under Carter, the setting up of Fannie & Sallie Mae, the subsequent retuning of that Act under Clinton. ( I do applaud the McCain on being one of the few GOP’ers who actually made noises warning about this! Remember Zero as a agitator for ACORN actually led sit-ins at Chicago banks demanding home loans to people who couldn’t afford to pay them!) Bankers are there to maximize profits for their shareholders same as any other businessmen. It’s just the federal government created a situation where there was no risk to the loan, therefore no risk to the bank. Politician clowns like Barney the Homosaur, Dodd, & Zero encouraged the notion that there was an infinite supply of money and there was no risk, (And GOP’er for the most part hid under the table to avoid being insensitive to the needs of the poor or racist). No surprise to me that eventually the bill for all that became due!
Again there is NO FREE LUNCH and every politician tries to pretend there is!
Though Rats tend to do this more then GOP’ers.