Strategic default is not funny.
But the video below from “The Daily Show” talks about how the Mortgage Bankers Association strategically defaulted on its own building, yet instructs everyone else to stay put.
Also interesting in today’s Wall Street Journal is “The Great Mortgage Mystery” that starts with this rather eye-opening lead:
“The big question from the mortgage meltdown isn’t why so many distressed homeowners are defaulting on their loans. It’s why any of them are still making payments.”
The story also uses the term “zombie homeowners,” that is borrowed from the Japanese “zombie banks,” to define underwater homeowners.
Read or browse the 150 plus comments to the WSJ story. Because strategic default is such a volatile topic, the comments are as good, if not better than than story.
|The Daily Show With Jon Stewart||Mon – Thurs 11p / 10c|
|Mortgage Bankers Association Strategic Default|