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Hey! I'm walkin' here!

By Owen Paine on Thursday October 30, 2008 05:45 PM

The evil hillbilly mage behind this blogsham (pictured above) had an initial instinctual reaction to the house lot bubble bust: "If yer under water -- if yer upside down -- stop paying and walk away."

The stop-payments walk-off war is well into its third or fourth round now, and Uncle is preparing a remedy: "restructured mortgages".

Yes, Mr and Mrs Delinquent, before you morph into Joe and Jane Commonlaw Squatter, Uncle wants to help you stay in your home and own it too. Legally, like. Not by raising your cash flow to meet your payments, but by hammering down your payments to swim more easily through your cash flow.

Well, rangers, this oughta be fun. Imagine ole Snidely Whiplash caringly easing your burden -- voluntarily?

Sure -- if Uncle uses the national credit to insure the principal.

They're talkin' millions of mortgages here, and of course hundreds of billions of "face value". Not that much money, really -- though we'd all like to have a substantial piece of it. More importantly, imagine the interclass ruckus this would induce: Hey, why them layabout louts, and not us upstanding job-holding toil critters? Wedge politics at its finest.

Sum-uppin's: it's the N birds with one stone department. Stop the walk-away freight train to nowhere that credit grinders can getcha. (Freedom's just another word for no credit left to lose.) And for that, you get as bonus: one, the above venerable wedge amidst the exploitables; and two, you prop the collateral that is the lodestone of job loss fear Oh, and, err, three: you save America for exploitations yet unfound.

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