People in negative equity can abandon the mortgage
US mortgages attach to the house not the person; so by handing in tthe keys someone in negative equity ceases to be liable for the outstanding loan—intensifying the risk to the mortgage suppliers when house prices are plummeting.
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The Global Financial Crisis »The Global Financial Crisis
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Potential consequences of the financial crisis? »Potential consequences of the financial crisis?
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More financial institutions will collapse »More financial institutions will collapse
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Financial institutions will suffer further capital losses »Financial institutions will suffer further capital losses
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Financial institutions forced to write off bad debts »Financial institutions forced to write off bad debts
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Many homeowners will default on mortgage and loans »Many homeowners will default on mortgage and loans
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People in negative equity can abandon the mortgage
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