He asks the logical question: if you're underwater on your mortgage, why pay?
Seriously.
As he puts it, when Hank Paulson was at Goldman he "would have fired anyone" who similarly threw good money after bad.
Here's my favorite bit:
It’s asymmetrical, it’s unfair, and it’s about time that homeowners started being informed that a ding to their credit score is not the end of the world; that no one would expect a capitalist company to behave in the way that individuals are being told to behave; and that their options are in fact broader than they might believe.
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