Letters to the Editor
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no skin in the game
most of these people who are underwater didn't make a downpayment in the first place. on the other hand if you have been in your home for more than say ten years, and you are half way through a 20 year mortgage, your percentage of equity is actually rising.
there is a tangible difference between people who are simply riding the wave of rising home values, and those who have some skin in the game. rising home values provide no benefit to homeowners, in fact falling home values actually help the long term homeowner. why? their percent of ownership actually increases. i have paid 100k on a 200k house and the value falls to 150K, i am now closer to paying off my mortgage.
put that in your pipe alan greenspan.