Walking away: The wide and lasting impact of quitting a mortgage

Benjamin McNELLEY said he loathed the idea of walking away from the mortgage on his four-bedroom, two-bath house in Fauquier County, Va.

The former prison guard said he worried about what the decision might mean for his credit rating and whether he might still be on the hook for any outstanding debt.

But when both his father and his stepfather fell ill last summer in South Carolina, McNelley said, he had no choice but to quit his job and move.

Today, President Bush unveiled his "solution" to the record rate of American home foreclosures in a speech from the Roosevelt Room in the White House. The president's plan relies almost entirely the cooperation of a private sector group called the "HOPE NOW Alliance."

I'm sure we are all so relieved now. I'm so HOPE-ful! What could possibly go wrong with a Bush plan?

Other than the vagueness of the "plan," deficiencies in enforcement and complete lack of qualification criteria, who could question such a bold step by our ruler to prolong his artificial economic boom?   Read more…