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Mortgage Defaults: Many Are Intentional, Study Finds

By Implode-Explode Heavy Industries

``Up to 26% of U.S. homeowners who stop paying their mortgage may be doing so intentionally, not because they can't make the payments but because they don't want to put money into a house that's worth less than what they owe. That finding, from a paper by economists at the University of Chicago, Northwestern University and the European University Institute, raises some doubt about the approach the Obama Administration has taken toward stabilizing the housing market.''

Full post as published by Mortgage Lender Implode-o-Meter on July 08, 2009 (boomark / email).