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Bankruptcy

: Credit Slips

Why Don't More Walk Away

By Bob Lawless

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My buddy, Buce over at Underbelly, has a post up using the concept of option value to help explain why more people are not walking away from their underwater homes. By "underwater," we're not talking about Homer Simpson's imaginary home under the sea, but situations where the mortgage on the residence is more than the value of the residence. A cool, rational economic actor would walk away from the home, leaving the lender to take a loss (assuming the lender has no legal or practical al read more

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Full post as published by Credit Slips on April 23, 2008 (boomark / email).

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