The housing market meltdown has put millions of homeowners in a situation where they owe more on their homes than they are worth. Increasing numbers of borrowers are defaulting on the mortgages despite being able to afford the payments. The House has decided to tackle such "strategic defaults," by approving a proposal that would prohibit borrowers who strategically defaulted on their home loans from being eligible for a new loan insured by the Federal Housing Administration. "The ban sends the right message, but it's not likely to make much of a difference to the borrowers mailing in their keys," according to this Los Angeles Times editorial.
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