Do you agree with this statement? "Walking away from debts is as American as apple pie." How about this one? "The economy is fundamentally amoral."
To me, the first statement is offensive, the second represents a real quandary in a system based upon honesty and fair dealing, and both define the dark side of the moral dilemma
in which several million American homeowners with substantially underwater mortgages now find themelves. Both statements are from this article by Brett Arends of the Wall Street Journal.
Yet the diemma is REAL, because as Mr. Arends also says the wise investor should "Stop trying to chase your lost equity. That money is gone." In the case of substantially underwater properties, I can't disagree with him. But that certainly doesn't tell me that all homeowners in this situation should walk away from their homes.
If this piques your interest, check out not only the article but the related comments, many of which are quite impassioned for one side of the argument or the other. Homeowners don't have to agree on this one, but because it affects their core economic stability, they should probably ignore the hyperbole act in favor of the level-headed arguments they find most convincing. - David
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