If your upside down on your home loan or other loans this site tells you how one can just walk away from that debt easily.
Basically in the US, since house loans are secured debt, if you don't pay the bank just gets your house and your credit gets dinged. That is it.
Now banks will say you have a moral obligation to pay, that it is your duty as a citizen to pay, course it was their duty not to buy bad assets and to make sure the loans they gave out were good. So screw them, just walk away from it.
No amount of bailout is really going to fix this. We need to cram down house prices not prop them up with bailout money, they will just fall anyway.
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