Europe asks American Atlantis,with $1.2 TRILLION in underwater mortgages why don't you STOP paying?

[Democrats Ramshield]

Welcome to the lost continent of American Atlantis, the land of underwater mortgages, a country where waterfront property has a new meaning.

Daily Mail UK quote: "Housing market sinks deeper as ONE THIRD of homeowners are underwater on their mortgages and owe $1.2 TRILLION more than their homes are worth........Nearly one third of homeowners are underwater on their mortgages and owe an average of $75,000 more than their houses are worth, according to a startling new report by the real estate research firm Zillow." End of quote.

Daily Mail quote: For now, though, they keep making payments. Nine out of ten underwater homeowners are current on their mortgages." (End quote)

DON'T WE KNOW PAYING OFF NEGATIVE EQUITY IS PAYING FOR NOTHING! STOP PAYING!
There is no better way in the modern day American neo-feudalist state to ensure a compliant population than through debt slavery. Therefore it becomes important to ensure that people are in debt longer. Ergo Wall Street newest gift to America, the underwater mortgage, where you too can become the proud owner of waterfront property like it or not. With that most innovative gift from Wall Street, your 20 year mortgage may now well take you 30 years to pay off, assuming that they don't force you into foreclosure first.

As Wall Street's neo-feudalist gift that keeps on giving, they're also drowning your kids, living in the basement of your underwater mortgage house in student loan debt, whereas in every country in western continental Europe, tuition is so low that it's almost free. In fact American students are more likely to spend more on books than are their European continental counterparts on tuition. Of course the American plutocrat owned media isn't going to tell you that, so this diary just did. It's not just rich Europe, the University National in Mexico is completely free of charge.

The really great thing that plutocrats love about America's modern debt slavery is that they point to your signature and say 'they were stupid enough to sign it' while they laugh straight in your face. In fact they're laughing all the way to the bank that you bailed out.


(Cross posted by author from the Daily Kos).
Please click on the link below to read the full article.
http://www.dailykos.com/story/2012/06/17/1098427/-Europe-asks-American-Atlantis-with-1-2-TRILLION-in-underwater-mortgages-why-don-t-you-STOP-paying

[No Elephants]

1. Because the mortgage were recourse. Those who did have non-recourse mortgages did walk away.

Question: Why did Clinton and Greenspan muscle Congress to repeal Glass Steagall?

Question: Who change the law about mortgages being non-recourse and why?