How an middle-class lefty understands mortgages
A remarkable study in the self-absorption so common on the left has been published by blogger and author Alisa Valdez-Rodriguez, who bought a nice home in Scottsdale, AZ that is now worth less than she owes on her mortgage. It is a textbook example of someone walking out on her mortgage because she wants to move and doesn’t like the price she can get for her house right at that moment in that market.
Remarkably, she sees herself as a victim of the bank which is stuck with a loan on which she has decided to stop making payments. Her economic logic is rather obscure, as she sems to believe that the mortgage holder, not the seller, received her down payment.