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The Sun
Locally owned and independent for more than 50 years.
Anyone who is upside down in their mortgages needs to walk away from the house. Let the banks fail. Let the housing prices get back to realistic numbers. Last, but not least...RENT for a few years. You can save the difference between rent & a mortgage payment and still live quite comfortably while the housing mess sorts itself out.
The old rules of mortgages will be in full swing after this: Multiply your yearly income by a factor of 3. The result will be the total amount you can afford to borrow.