Interesting perspective in the LA Times. http://www.latimes.com/business/la-fi-economy-mortgages-20101101,0,7338975.story
By Don Lee, Los Angeles Times November 1, 2010 Reporting from Washington — For almost two years, home foreclosures have swept the nation, spreading misery among once-buoyant families, spattering lenders with red ink and undermining efforts to restart the economy. But a bigger problem may turn out to be the millions of Americans who are still faithfully paying their mortgages, but on houses worth far less than before the bubble burst. It's not that these homeowners will stop making their payments. It's just the opposite — that they will keep doing it. Nick
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