One of the worst essays I've ever read on Townhall. Illogical, twisted, almost stupid in its import. Completely abolves people who bought houses they couldn't afford (if the house loses value does that void your written promise to repay the loan?), and makes the bizzarre assumption that banks somehow "want" to foreclose, or have something to gain by it. Comes to the STARTLING conclusion that people who over-bought, then restructured their loans usually defaulted anyway.
I'm amazed that the editors of Townhall printed this bit of misguided silliness.