Careful of what you wish for

In a recent article, the Arizona Republic pointed out that those who are thinking of doing strategic foreclosures or sympathize with those who do may be doing their own pocketbooks harm.  As we so often forget, most loans are sold off to FNMA or Freddie MAC, so any loses on those loans is now costing us, the taxpayer.  They would have absorbed the costs themselves in the past but the government has stepped in due to their insolvency and the burden of the loss has been place squarely on our shoulders. 

Now the two government sponsored entities are getting banks to pony up for losses due to faulty underwriting but that is a drop in the bucket.  It is hard not to sympathize with people who are 30-50% underwater because we see big businesses do it all the time.  There is a sentiment out there that "Wall Street got theirs, where is ours?"  I would never be one to judge someone for what they decide to do but keep in mind, it is not harming the Banks as much as you think.  As usual, it is coming to rest on the shoulders of we, the taxpayers.