Doug Henwood wrote:
>
> On Dec 7, 2008, at 11:14 PM, Joseph Catron wrote:
>
> > What does the depreciation
> > of a home's value have to do with its owner's ability to continue
> > mortgage payments?
>
> It lowers the willingness, not the ability.
It would also add a complication were they to want to refinance for any reason -- either ability to pay _or_ to finance home improvements.
Carrol