Personal Finance Buzz

Back in February of 2008, I wrote a post titled Do You Think It Is OK To Walk Away From A Mortgage You Cannot Afford? that got a lot of attention and comments. In it, I said “I gotta say that I think it is kind of crappy – I mean, people should take some responsibility for what their financial decisions, right?” – and at the time I fully believed that. In fact, I still do – but not when the banks are taking advantage of us who have saved them from failure. And with our government telling banks to start working with homeowners facing foreclosure instead of taking people’s homes, what are the banks doing? Not much – the help is just not coming to people who need to refinance and/or restructure their mortgage…so homeowners are starting to walk away from mortgages in droves. And I don’t blame them anymore.