This just totally had me giggling.. in the end the lenders are the ones that are totally getting scr**ed in all of this - [quote]In markets hit hardest by falling home prices and rising foreclosures, lenders and brokers are discovering a new phenomenon: the "buy and bail," in which borrowers with good credit buy a new home -- often at a much lower price -- then bail out of the "upside down" mortgage on their first home. Homeowners are able to pull off this gambit -- which some lenders and real-estate agents call mortgage fraud -- by taking advantage of mortgage-lending practices that allow them to buy a new primary residence before their existing residence has been sold. And with the lending industry in disarray as it tries to restructure millions of mortgages, some boast they are able to pull off the strategy with ease.[/quote] [URL="http://online.wsj.com/article/SB121314811278463077.html"][COLOR=#800080]WSJ Link[/COLOR][/URL] I love this money quote - [B]"If you're upside-down $250,000, why would you keep it? It just doesn't make sense."[/B] Um, because you bought it??? When did it become common practice in this crazy country to shirk responsibility for one's own actions?
