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America has $1.2 TRILLION in underwater mortgages

Europe asks American Atlantis,with $1.2 TRILLION in underwater mortgages why don't you STOP paying?

(Written by an American expat who holds an MBA degree and is living in the European Union)

email: democratsramshield@yahoo dot com

Welcome to the lost continent of American Atlantis, the land of underwater mortgages, a country where waterfront property has a new meaning.

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Daily Mail UK quote: "Housing market sinks deeper as ONE THIRD of homeowners are underwater on their mortgages and owe $1.2 TRILLION more than their homes are worth........Nearly one third of homeowners are underwater on their mortgages and owe an average of $75,000 more than their houses are worth, according to a startling new report by the real estate research firm Zillow." End of quote.
Daily Mail quote: For now, though, they keep making payments. Nine out of ten underwater homeowners are current on their mortgages." (End quote)
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(Cross posted by author from the Daily Kos)
To read the full article, please click on the link below. Thanks.
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