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Stop Paying Your Mortgage – It’s Heroic!

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Posted on June 1 2010 5:10 pm
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by James Joyner

First, there were reports of people simply walking away from mortgages when the value of their houses dropped below what they owed. Now, apparently, some people are simply refusing to pay their mortgages and continuing to live in their homes for free.

David Streitfeld begins his NYT report with the requisite anecdote:

For Alex Pemberton and Susan Reboyras, foreclosure is becoming a way of life — something they did not want but are in no hurry to get out of. Foreclosure has allowed them to stabilize the family business. Go to Outback occasionally for a steak. Take their gas-guzzling airboat out for the weekend. Visit the Hard Rock Casino.

“Instead of the house dragging us down, it’s become a life raft,” said Mr. Pemberton, who stopped paying the mortgage on their house here last summer. “It’s really been a blessing.”

So, we’re talking about dirtbags here. The sort of scum who take out a loan and then refuse to pay it in order to finance a pretty posh lifestyle. Got it.

Read reactions from bloggers who find this behavior heroic at Outside the Beltway.

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