In light of the trend of homeowners to walk-away from their houses, because somehow they got the idea that debt increased their purchasing power…
BofA CEO Kenneth Lewis:
>As a result, there is a new class of homeowners in name only. Because these people never put up much of their own money, they don’t act like owners, committed to their property for the long haul. They behave more like renters, ducking out of an onerous lease in the midst of a housing slump.
