Bad Debts Rise as Bust Erodes Home Equity

These banks should get together with the holder of the primary mortgage to cover the cost of a deficiency judgment. They should be streamline by now to discourage strategic walk-aways...

"Lenders say they are trying to recover some of that money but their success has been limited, in part because so many borrowers threaten bankruptcy and because the value of the homes, the collateral backing the loans, has often disappeared. "

oh no! THE threat!

“I’m kind of banking on there being too many of us for the lenders to pursue,” he said. “There is strength in numbers.”

LOL

Lol. No really. BofA is sitting on all it's helocs at par? No way. Flmaozzzz