wrote in message
...
On Mon, 15 Dec 2008 15:09:22 -0500, "Eisboch" wrote:

http://www.cbsnews.com/stories/2008/...n4666112.shtml


The 3d hit will be those people who simply realize it is cheaper to
walk away from whatever equity they have now and buy another house at
the bottom.
The only thing that would stop this would be to go back to the "7 year
blacklist" for people who default on a loan but that would decrease
liquidity too.

That's one thing I never understood. How on earth do you qualify for a loan
if you just defaulted on one? All this hub-ub about checking your credit
score, and pre-qualifying for a mortgage seems futile. Sub-prime mortgages
are one thing (no income, or verification, etc), but actually defaulting on
a mortgage, and qualifying for another?? That's beyond my limited
comprehension.

--Mike