How many more Phoenix-area homeowners will walk away from their mortgages?

University of Arizona law professor Brent White believes more homeowners, who are underwater, should consider walking away.
His discussion paper “Underwater and Not Walking Away: Shame, Fear and the Social Management of the Housing Crisis,” has attracted a lot of national attention.
His theory is more homeowners could be walking away from their mortgages but aren’t because they’re being shamed by banks and politicians to keep paying or their credit will be ruined, and that isn’t fair.
“It’s unfair that responsible homeowners, who bet on the housing market just like lenders, are bearing the burden of the meltdown,” said White
Thousands of Valley homeowners, …

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