RISMEDIA, October 1, 2010—(MCT)—The moving truck pulled away from the curb, loaded with Wallace Farmer’s possessions. He locked the front door for the last time and left town—clutched by a long-simmering anger that finally gave way to relief. Farmer didn’t sell his Baltimore house, worth far less than the $180,000 he paid in 2006. And he didn’t lose it to foreclosure. He walked away from the rowhouse and the mortgage. It’s the bank’s problem now.
“These lenders, they don’t care about the community. They care about their shareholders,” said Farmer. “I’m my only shareholder, and I have to look out for myself.”
Hundreds of thousands of Americans—perhaps as many as one in eight borrowers behind on payments in recent months—have done the same, researchers estimate...Read More