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Nothing Moral, Just Business
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The dirty secret of the "strategic default" maneuver some underwater mortgage holders are using to walk away from their houses is that it doesn't hurt your credit rating as badly as you might assume. And the negative effect only lasts a short time. I still don't think it's right for most people -- you make a deal, you should live up to it -- but there are benefits for some people. (Palm Beach Post; Thanks to Jeff Katz at WXKS (Talk 1200)/Boston for the link)
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