Some people believe that walking away from a mortgage is immoral...
But again, there's no evidence these borrowers are merrily skipping away from their biggest debts. What's far more likely is that they're facing huge increases in their monthly payments that they simply can't manage. Rather than continue to throw good money after bad, they're giving up.
And that's not necessarily immoral. It may just be realistic.
Come on. We have walkaway's now being recommended on MSN? We have a huge writeoff and raise at Merrill Lynch? Worries at AIG? More writedowns at Citigroup. More handwringing?
And you bears are still looking for more? You already got it.
Cover your shorts here. Good gosh, you hit a home run, and now you want to measure it?
This was the retest of the bottom, that we had last week.
Get on board!