Eh… We’ll Keep the Car and Lose the House

Hmmmm....

Now, however, some mortgage borrowers who stretched financially to buy a home with temporarily-low “teaser” payments and no money down - and haven’t owned it long enough to gain any equity - are taking the position that it’s hopeless to try to save the house. They’ll await foreclosure and use their money to try to keep up with other monthly bills instead.

“We see people coming in who say, ‘We’ll just let the home go. We don’t have anything in it anyway,’ ” said King, who has been a consumer counselor for 15 years.

That change in attitude helps explain why there is a subprime mortgage crisis and why banks - who analysts say made credit too easy for too many - have had to set aside billions of dollars in reserves to cover potentially bad loans.

You mean that the “mortgage crisis” could be because home buyers knowingly made bad choices and can deal with the consequences?