Simply "walking away" might make sense to a growing number of hard-pressed homeowners, according to Sunday's Chronicle story on the latest wrinkle in the housing market crisis. And to quite a few readers, judging by their comments on SFGate, "sticking it to the banks" was just what the lending institutions deserve for contributing to the mess. However, it struck many others as an assault on some basic values.

Below, edited for space, is a sample of comments posted on SFGate. To read more, and link to the original story ("More in foreclosure choose to walk away," go to sfgate.com/ZCTA)

It used to be that losing one's home was something Americans considered a real stigma and, more importantly, something internally abhorrent to one's values and honor: Now we have come to this, where one can walk away from one's home, like flicking dander off one's shoulder.

- Joe Taclas, 46, Castro Valley

Buy with nothing down, agree to all kinds of crazy terms. If you can't sell and make a fabulous profit, just walk away and suffer no consequences whatsoever. I am blown away. Pride, responsibility, integrity mean nothing today.

- Wendy Graves, Oakland

"Sticking it to the banks"? This is like watching a ring of bank robbers shoot each other when they try to divvy up the spoils.

- Jeremy Bishop, 27, San Mateo

From a financial and common sense standpoint, walking away is the only way. Rule of thumb for walking away: If your house is worth 20 percent or more below what you paid.

- Daniel Dear, 44, San Francisco

Walking away will work this time, but it will soon take a 20 percent down payment minimum to buy a house, qualifications will be strictly based on the interest rate after the maximum expected reset and documentation of income and assets will be a sine qua non. A lot of lower-income people will never be able to own a home again.

- Bernard Thomas , 62 , San Francisco

I was a housing inspector in Seattle during a period when Boeing was struggling and folks were abandoning homes all over King County. I drove through the county watching for homes that were abandoned and open. There were many of them. I tried to get banks to board up homes up so they didn't become "attractive nuisances" that brought kids out for a lark and homeless camping out and setting fires on the living room floor. Banks and mortgage companies were playing games and it was practically impossible to get them to perform. Those folks who stay in the homes without making payments are doing everyone a favor, so get over your righteous condemnation.

- Curtis Grindahl, 66, San Anselmo

When I purchased my home, the bank wanted 20 percent down, and there was no such thing as an interest-only mortgage. There was a good reason that the bank wanted 20 percent down - it kept people from walking away from the home. Many thought that it was unwise to get an adjustable-rate mortgage, because you could never tell which way mortgage rates would go. So smart borrowers would take out the cheapest 30-year, fixed-rate loan they could find. They would refinance only if the rates went down significantly. A home was purchased as a place to live and raise your family, not as an investment tool. Considering recent lending practices, it is no wonder that people walk away from their homes and mortgages.

- Gail Erb, 60, San Ramon

Wouldn't it be great if you could go to Vegas, lose $200 grand and tell the casino to shove it?

- Stephen Forscutt, 50, Cameron Park (El Dorado County)

This article appeared on page D - 3 of the San Francisco Chronicle

Caught on camera: Lone motorist drives his sports car down Britain's first car-sharing motorway lane just hours after it opened

Comments (29)

The lane is open to vehicles carrying two or more people in a bid to ease motorway congestion.

But the driver of a smart black TVR sports car seemed oblivious to the scheme as he drove through the new zone - without a single passenger.

The driver steered his convertible car straight over a huge sign emblazoned on the road warning that the lane is only for cars carrying two or more passengers.

Scroll down for more...

Caught on camera: The first driver to be caught using the new car-share lane designed for two or more drivers. He was alone in his car

He could now face a maximum £30 penalty for the offence.

The £5.33 million, 1.7-mile lane links the southbound M606 from Bradford to the eastbound M62 towards Leeds, bypassing a notoriously congested section where the two motorways merge.

The lane opened today to vehicles carrying two or more people and is estimated that it will save road users an average of six to eight minutes per journey - 30 to 40 minutes a week for regular commuters.

Scroll down for more...

Breaking the law: The driver of this vehicle could now face a £30 penalty for driving in the car-share lane without any passengers

It can also be used by motorcyclists, even if they are not carrying passengers, but will not be open to HGVs.

It is hoped that the lane, which will allow motorists priority entry on to the busy eastbound carriageway of the M62, will ease congestion elsewhere on the motorways.

Transport Secretary Ruth Kelly opened the new lane today and said the Government was looking into the possibility of introducing other traffic management measures on 500 miles of motorway across the country.

She said: "This new lane offers motorists the opportunity to reduce both their journey times and their carbon footprints.

"Currently, four out of five vehicles using this busy junction have only one occupant. I hope this new lane will encourage people to share their journeys, which will ease congestion, cut journey times and improve local air quality.

"The Government is committed to finding innovative ways to get more from our existing roads and improving journeys for motorists.

"We have identified around 500 miles of motorway as potential priority sites for new traffic management measures, which may also include more car-share lanes.

"It makes really good sense here. This is an incredibly busy stretch of motorway where I know people suffer from traffic congestion and traffic jams.

"There are many people that come on to the motorway for a relatively short amount of time. By building the car-share lane, we can very significantly reduce their journey time."

Scroll down for more...

Gridlock: The new car-share scheme has been introduced to help ease motorway congestion

Traffic police would be "keeping an eye" on the lane to ensure that only those vehicles with more than one passenger were using it, Ms Kelly added.

"We have the police in force today, making sure the people apply the rules appropriately," she said.

"They are very committed to working with the Highways Agency to ensure the success of this scheme."

John Jarvis, transport project director for Northern Way, which funded the project, added: "If we can encourage greater levels of car sharing through the provision of dedicated lanes at suitable locations it will help lock in the benefits of additional road capacity and be good for the economy and the environment."

ADVERTISEMENT

Iconocast is about learning and teaching without borders; we offer eMarketing, Internet Advertising, Internet Marketing, Search Engine Optimization, Search Engine Marketing, Online Branding, and eMarketing News Services.

Iconocast Home Page

Contact Iconocast

Iconocast Health Articles

© 2003-07. ICONOCAST is a trademark of iconocast.com.