HOMEDEBTORS OF AMERICA - IF YOU HAVE A COUNTRYWIDE TOXIC LOAN AND A RAPIDLY DEPRECIATING HOME, JUST STOP. NO MORE PAYMENTS. NO MORE DEBT. JUST STOP

It wasn't "your home". It never was. You couldn't afford it. You never should have been approved for the loan. You probably committed mortgage fraud to get it. You got caught up in Angelo Mozilo's profit-at-any-cost mortgage-fraud-galore Ponzi Scheme. You believed The Big Lie. You believed debt equaled wealth. And you believed you could live like you were rich.

So let this be your wake up call. Your home is worth nowhere near what you paid. Nowhere near. Your choice now is to simply turn in the keys, walk away, start over and rent (for a fraction of the cost of 'owning'), or you can continue to live the Big Lie, because of your ego and your pride. And those swell granite counter tops of course.

Walk away Homedebtors. Send Angelo the keys. Get on with your lives.

This game is over.

And take some solace in the fact as you start your life over, Angelo Mozilo himself will soon be on his way to jail, his riches confiscated, his reputation in tatters.

Every dog has his day.

HousingPANIC Stupid Question of the Day

Is it immoral to walk away from your depreciating debt-trap and toxic mortgage? And your car? And your credit cards? And every loan you've ever taken out?

Because millions are doing it, and millions more are thinking about it...

We interrupt this blog for a very important message for the people of Europe

People of Europe, with your crappy falling apart $1 million apartments that would rent out for a fraction of the cost of "owning", you have no idea how f*cked you are.

It was the Brits - they came into your market and bid up the prices to unjustified and unsustainable levels, in a big giant European Housing Ponzi Scheme. And you fell for it. In America, the Californians were our Brits. And you know how that turned out.

And now back to our regularly scheduled programming.

Here's a look at how bad the housing crash is getting city by city

Take Housing Watch for a spin. Lots of 10% price drops now over the past six months as the Ponzi Scheme ends and the credit crunch takes hold.

If you "own" a home and want to salvage any of your paper gains these past few years, get your home on the market immediately, and price it below any home in the neighborhood, significantly below if you need to.

The speculators are gone. The flippers are gone. 50% of the buyers are gone. If you're going to sell a home in the next couple of years, it'll be at a "drama price" or it'll be sold to a complete and total fool (aided by a realtor on commission of course).

Ugly.

HousingPANIC Stupid Question of the Day

Without all the subprime loan buyers, without the no-down, no-doc, liars-loan crowd, without all the cash-back-at-closing scamsters, without all the flippers, without all the investors, and without all the people betting on future price appreciation, my question is:

Who the heck is gonna buy any of those millions and millions and millions and millions of homes for sale?