What's a borrower to do? If your loan balance exceeds your
home's value, stop paying your mortgage immediately.
Remember, in the Bernanke/Pelosi/McCain world, the
responsible get screwed, and the reckless get rewarded.
If you stop paying your mortgage, your bank will either
voluntary renegotiate the terms, or Congress will force
them to do it. If you keep paying on an underwater house,
you're just throwing good money after bad.
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